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If you're looking for a tax return, you're probably trying to complete some
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sort of financial transaction and a copy of the return is a requirement requested
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by the lenders and underwriters. Financial transactions are typically time-sensitive, so let's go over the options you have in requesting this
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information from the IRS and some alternatives and variations that we would recommend, especially if the turnaround time is essential. So your
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first alternative is to avoid the IRS altogether and go directly to the source
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Request this information either from the software that you use to prepare the
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return yourself or request a copy from your tax preparer that prepared the
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return, as they have obligations to store this information for a period of years
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and this is going to be your easiest and fastest turnaround time to satisfy that
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obligation for your lenders and your transaction. The second fastest way is
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going to be by requesting an IRS transcript online for that specific year
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The transcript reports summary totals of your tax return. You know, how much AGI
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taxable income, tax owed, refund due, etc. Basically everything that's on your tax
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return and typically the same information the lender is needing to verify. The problem is, is that your lender or underwriter may or may not
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accept the transcript in lieu of the actual return. So be sure to ask them and
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if the answer is yes, again, great. The process is simple. You just go to the Get
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Transcript page on IRS.gov and it takes about 10 days for the IRS to process. So
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your third option, unfortunately, you have to request a paper copy of the return
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from the IRS. I'll tell you right now, if your transaction or application is time
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sensitive, you should set your expectations that this process will typically take two to three months. So it's obviously not ideal, but the form
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itself is rather simple and easy to complete. A couple items that I want
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you to take notice of. Number one, be sure to include you and your spouse's
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information if the return was filed jointly. Your information is going to go
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here, tax identification number, your spouse's information here, their tax identification number, or Social Security number. Second thing, you need to include
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a $43 fee in the form of a check made out to the United States Treasury for
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each year you are requesting. If you do not do this, it could ultimately, maybe
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you only send $43, but you're requesting two different years. They may not even
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send you one year. They may decline the whole application and you have to
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reapply, which could take months and months of time. Pay special attention to
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this. And ultimately, this is the most important spot that you need to pay
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special attention to. When you filed that return and you lived in a specific state
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that dictates where you send this 4506. Make sure that you look at these general
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instructions and identify the specific address you need to send this request to
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so that it is ultimately not lost and never fulfilled
