As another tax season approaches, many taxpayers will discover that they don’t have a copy of their pervious year’s tax return. Either they neglected to make a copy or misplaced it, whatever the reason, a copy is needed to file a new return. Many tax preparation services and accountants will need to see a copy of a previous year’s return, at the very least. In addition, copies are often required as income verification when taking out a mortgage or student loan.
If you used a tax preparation service for the previous year’s return, the tax firm may have retained a copy of it, as well as all your provided files and records. If the tax firm didn’t retain a copy of your old tax return, then you can request one directly from the Internal Revenue Service. The process may take several weeks and leave your wallet a little lighter. However, you will certainly receive the copy of the return that you need.
The Internal Revenue Service offers taxpayer two choices for obtaining previous tax returns. One costs money and takes a long time and the other option is free and will be in your hands in a few days. If you need an exact copy of your tax return, then you will need to complete and mail IRS form 4506 together with a check or money order for the tidy sum of $57.00 for each tax return year requested. All attachments and your W2 will also be sent to you. Copies of tax returns are only available for the past 6 years of returns.
If you don’t need an exact copy of your old return, and simply require your relevant filing information, then you can easily request a computer-generated transcript of your tax return. Simply, phone the IRS 800 number, or complete and mail IRS form 4506-T. Transcripts are free and are usually received within 10 business days. Lenders usually accept tax transcripts. However, tax transcripts are only available for the past 3 years of returns.
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