5 Reasons Why You Might Need Past Tax Returns
Confused as to why you would need copies of past tax returns? There are in fact several reasons why taxpayers request old documents every year. They range from making huge mistakes to just wanting backup copies. Let’s take a look.
1. You Miscalculated
Something as simple as a small miscalculation on your old tax forms can mean you need to resolve the issue. The problem could be as small as a few dollars, but if the IRS catches it, you will probably need to refile. This means you need to access past tax returns to fix the issue before more problems arise.
2. You Misplaced Them
Like to keep accurate records of all your past tax records? If you misplace one year’s filings, it could throw your detailed records into disarray. Requesting past tax returns brings your records up to date.
3. You Need Proof
If you’re applying for a loan, you’ll need proof of your tax records. This includes taxes from past years. If you don’t have them on hand (and many don’t), you’ll need to request copies of past tax returns. Now you can get that loan you need!
4. You Forgot Some Documents
Another reason the IRS might request you recalculate your taxes is you forgot certain documents. This could be proof of your deductions or a W2 form. In any case, the document night be important enough that they will need you to redo your taxes.
5. You’re Filing for Bankruptcy
Hopefully this isn’t the case, but if you are filing for bankruptcy you’ll need copies of past tax returns to complete it. It is high priority to have all your documents in order when you file bankruptcy. Make sure you have everything you need ahead of time!