IRS Form 4506-T: Instructions & Information

IRS Form 4506-T is a transcript of your tax return for a given year. It’s not to be confused with Form 4506, which is a copy of your tax return and differs in some key ways discussed below. One common situation where you may have to fill out one of these forms is when you apply for a loan, especially a mortgage. You’ll most likely have to fill out an IRS Form 4506-T (though in some cases lenders may require the 4506). The 4506-T 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, IRS Form 4506-T is used to access financial records for either yourself or to send to 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 the W-2 form, Form 1098, Form 1099 and Form 5498.

Form 4506-T & Mortgages

Lenders sometimes request Form 4506-T as a way to verify the income you’ve stated on your loan application. They want to be sure that you’re able to repay the amount you intend to borrow, and along with factors like your credit score, your yearly income is important to determine your ability to repay. Tax transcript verification reports are a way for them to determine that. Most commonly, those who are self-employed or work odd jobs (ones that don’t issue W-2 forms) are asked by lenders to present a 4506-T. In these cases, self-reported income may not be as reliable from the lender’s point of view.

• Note: Some lenders may require that you provide Form 4506, which is a copy of your tax return, rather than a transcript. This is less common, but still can occur. If your lender does require this form, be sure that you specify their name on line 5 of Form 4506. Failing to do so could be an information security risk.

Many borrowers, especially those whose jobs do issue W-2 forms, do not have to worry about filling out either a 4506-T or 4506 form. If you are required to fill out a form though, don’t worry. It won’t count against your chances of getting the loan unless you lied about your stated income. Remember that because the 4506-T is a transcript of your tax return, it contains sensitive information about your finances and other parts of your identity. It’s a good idea to do extensive research into whatever bank or loan agency you’re borrowing from so that you can rest assured that your sensitive information is in good hands.

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

The main difference between the two forms is that IRS Form 4506T-EZ is only used to request a transcript of your Form 1040 individual tax return. A 4506-T form can be used to request transcripts of a Form 1040 individual tax return, 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. This differs from 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. Form 4506T-EZ is 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. Then, follow these Form 4056-t instructions.

1. Begin filling out the form by providing your personal information, including your most current address on file with the IRS.
2. If you lived at another address when you filed the tax information you are requesting, list your previous address on line 4.
3. 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.
4. 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.
5. 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. There are three offices that serve different parts of the country, so you’ll send your 4506-T to the one indicated for your area. A full list of addresses and fax numbers for each region is available on the IRS website. Receiving addresses depend on region but also on whether you’re filing an individual transcript or not. Be sure you take note of the second chart on the linked page and send your transcript to the right location.

How Long Does It Take for Form 4506-T to Process?

Depending on the way that you filed your taxes, your transcript’s availability date may vary.

• In general, if you filed your taxes online, your Form 4506-T will be available between two and four weeks.
• If you mailed in your tax returns, it can take up to 6 weeks. Once your transcripts are available, it takes between 5 and 10 calendar days for your transcripts to arrive.

Note that if you have not paid your taxes in full, your transcript will not be available until after you have paid the full amount. Once you have done so, it generally takes an additional week before transcripts are available for order.

What Are Other Ways I Can Access My Tax Transcripts?

In addition to filling out 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 also 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. You will need it if you want to log back on to request another transcript at a later date. When requesting your tax transcripts electronically through the IRS website, you will need the following information:

• Your Social Security Number, date of birth, filing status and mailing address from your latest tax return
• A valid email account that you currently have access to
• Your personal account number from a credit card, mortgage, home equity loan, home equity line of credit or car loan
• A phone number and account in your name

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. When requesting your tax transcripts delivered by mail, you will need:

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

Note: The IRS does not call, email, or text requests to update your profile or reminders to access your transcripts. If you do receive a message like this, do not respond; it is more than likely a scam attempt.

Have a Tax Professional Help You with Your 4506-T

If you need more help getting a transcript or 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.