When you apply for a loan, especially a mortgage, you’ll most likely have to fill out a Form 4506-T. This form allows lenders to access your financial records from the past few years to verify your income with the IRS. In addition to helping you with a loan application, Form 4506-T can help you gain access to your own tax information when you need to fill out an accurate return or provide information to the IRS.

What Would I Use Form 4506-T For?

As mentioned above, Form 4506-T is used to access financial records for either yourself or a third party. The “T” in 4506-T stands for transcript, and the report will include a line-by-line printout of the information you included on past tax returns. You will only be able to gain access to tax documentation from the current year up to three years prior—to gain access to older records, you must use Form 4506. Obtaining a Form 4506-T is free of charge and will usually arrive by mail in 3 weeks, while filing a Form 4506 costs $50 and may take up to 75 days to be delivered. You can also use Form 4506-T to verify with the IRS that you did not file a tax return in a given year, or request transcript information from forms W-2, 1098, 1099 and 5498.

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What is the Difference Between Form 4506-T and 4506T-EZ?

The main difference between the two forms is that Form 4506T-EZ is only used to request a transcript of the Form 1040 individual tax return. A 4506-T form can be used to request transcripts of a Form 1040 individual tax return along with a no-file verification or transcripts from Forms W-2, 1098, 1099 and 5498. It’s important to note that Form 4506T-EZ includes most lines from the requested tax return but not all lines, unlike Form 4506-T which provides a line-by-line report of the tax transcript. Form 4506T-EZ also does not include payments, penalty assessments, or adjustments made to the original filing in the delivered transcript. From 4506T-EZ would be the correct choice if you are only filing for individual tax return information and do not need a line-by-line report.

How Do I Fill Out Form 4506-T?

To get started on your Form 4506-T, you can get a copy of the form directly from the IRS or a tax professional. Begin filling out the form by providing your personal information, including your most current address on file with the IRS. If you lived at another address when you filed the tax information you are requesting, list your previous address on line 4. Then, on line 6 enter the tax form number you are requesting a transcript for, depending on whether you are requesting information for personal or business purposes. Check the box for either 6a, 6b, or 6c to indicate which type of transcript data you want to have delivered. If you are requesting a transcript of a W-2 or Form 1099 series, Form 1098 series, or Form 5498 series, leave line 4 blank and check the box on line 8. Lastly, you can enter the time period of tax return years you are requesting on line 9, and then sign and date the form to complete the transcript request. You are then ready to send in Form 4506-T directly to the IRS.

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What Are Other Ways I Can Access My Tax Transcripts?

In addition to filling out a Form 4506-T, you can choose to receive your tax return transcripts electronically or by mail through the Get Transcript option on the IRS website. When using the Get Transcript option either by phone or mail, keep in mind that the primary taxpayer on the return must make the transcript request. You will need access to different information depending on whether you plan to receive your transcript electronically or by mail.

Receive Tax Transcript Electronically

If you choose to receive your tax transcript electronically, you will be able to view, download, and print all transcript types that you would be able to request with Form 4506-T. Be sure to remember the username and password you create on the IRS website because you’ll need it if you want to log back on or request another transcript at a later date. For this option you will need:

  • Your SSN, date of birth, filing status and mailing address from latest tax return
  • An email account
  • Your personal account number from a credit card, mortgage, home equity loan, home equity line of credit or car loan
  • A cellphone with your name on the account

Receive 4506-T by Mail

If you would prefer a hard copy of your tax transcript mailed to your address, it will take 5 to 10 calendar days for it to arrive. Return or Account transcripts types are deliverable by mail, but forms W-2, 1099, 1098, and 5498 are not available. For this option you will need:

  • SSN or Individual Tax Identification Number (ITIN)
  • Your date of birth
  • A mailing address from your latest tax return

Have a Tax Professional Help You Get a 4506-T

If you need more help getting a copy of your tax return, reach out to the professionals here at Community Tax. We specialize in tax resolution, tax preparation, bookkeeping and accounting services to help relieve any of your tax season stress. Whether you’ve been hit with a tax lien or are wondering how to navigate IRS mortgage debt forgiveness, Community Tax is ready to help you with all your financial needs.