Didn’t Get a Tax Doc You Need? Lost Your Old Tax Returns? Here’s What to Do


You’ve waited and waited, but that document you need for your taxes never came. And you aren’t even sure what the amount actually is.

You don’t have a copy of your tax return from last year and the mortgage broker needs it now for your refinance.

You need tax return from like seven years ago but you can’t find it.

Now what?

Luckily, you can use the IRS’ Tax Transcript Tool to get this information and more. It’s free and easy to use. Go here to create an account.



Options From the IRS

(information provided here is verbatim from the IRS website)

Tax Return Transcript - shows most line items including your adjusted gross income (AGI) from your original tax return (Form 1040, 1040A or 1040EZ) as filed, along with any forms and schedules. It doesn’t show changes made after you filed your original return. This transcript is only available for the current tax year and returns processed during the prior three years. A tax return transcript usually meets the needs of lending institutions offering mortgages and student loans. Note: the secondary spouse on a joint return must use Get Transcript Online or Form 4506-T to request this transcript type. When using Get Transcript by Mail or phone, the primary taxpayer on the return must make the request.

Tax Account Transcript - shows basic data such as return type, marital status, adjusted gross income, taxable income and all payment types. It also shows changes made after you filed your original return. This transcript is available for the current tax year and up to 10 prior years using Get Transcript Online or Form 4506-T. When using Get Transcript by Mail or phone, you’re limited to the current tax year and returns processed during the prior three years. Note: If you made estimated tax payments and/or applied an overpayment from a prior year return, you can request this transcript type a few weeks after the beginning of the calendar year to confirm your payments prior to filing your tax return.

Record of Account Transcript - combines the tax return and tax account transcripts above into one complete transcript. This transcript is available for the current tax year and returns processed during the prior three years using Get Transcript Online or Form 4506-T.

Wage and Income Transcript - shows data from information returns we receive such as Forms W-2, 1099, 1098 and Form 5498, IRA Contribution Information. Current tax year information may not be complete until July. This transcript is available for up to 10 prior years using Get Transcript Online or Form 4506-T.


Verification of Non-filing Letter - provides proof that the IRS has no record of a filed Form 1040, 1040A or 1040EZ for the year you requested. It doesn't indicate whether you were required to file a return for that year. This letter is available after June 15 for the current tax year or anytime for the prior three tax years using Get Transcript Online or Form 4506-T. You must use Form 4506-T if you need a letter for tax years older than the prior three years.

Note: A transcript isn’t a photocopy of your return. If you need a copy of your original return, complete and mail Form 4506, Request for Copy of Tax Return, along with the applicable fee.

Conclusion

In each of the cases above, you can easily solve your problem with the transcript tool. If you didn’t get that 1099-Misc from some freelance work you did, you’d use the Wage and Income Transcript.

If your mortgage broker needs tax info, the Tax Return Transcript will suffice.

Tax returns from up to 10 years ago are available with a Tax Account Transcript.

In a perfect world, our records are neatly stored and easily accessible. In real life, things aren’t so smooth. Happily, if you need tax info, you can get it quickly and easily.

###

Kathryn Hauer, a Certified Financial Planner ™, adjunct professor, and financial literacy educator has written numerous articles and several books including the 11-Step, DIY, Comprehensive Financial Plan Workbook” and “Financial Advice for Blue Collar America.” She works to help clients and readers understand and act on complex financial information to keep them and their money safe. She functions as a strong advocate and guiding light for her clients as they move through murky and unfamiliar financial and career worlds. Read more at her website.

Privacy Policy
ebook0.jpg
spanish cover for SHOP.png
DIY Plan COVER 11-13-17 JPG.jpg.jpg
mrp radio.png
index npr .png
index scetv.jpeg

Listen to Kathy on Public Radio

Copyright ©2020 Wilson David Investment Advisors. All rights reserved. For informational purposes only. Past success does not indicate the likelihood of success in future performance.