Request for Transcript of Tax Return
Request for a transcript of a federal income tax return to present it to financial institutions or inspect your basic information on your previously filed tax returns.
A tax transcript includes basic information on a tax return such as the adjusted gross income, tax liability, tax refund, and taxes paid through withholding and estimated tax payments. A tax transcript is mostly asked by a financial institution when the financial situation of a borrower is needed. It’s a very accurate way to provide financial information to lenders because it cannot be fraudulent and the tax transcripts are sent by the Internal Revenue Service.
There are several ways a taxpayer can request tax transcripts from the IRS. It can be done either using the online Get Transcript tool which is completely free to use and the most convenient way to request and obtain tax transcripts. If you’re old fashioned though, fill out Form 4506-T and mail it to the Internal Revenue Service. Not only this is less convenient but you will actually have to wait for two to three weeks to obtain your transcript(s) whereas you get instant access to all the tax transcripts available online. Most taxpayers can view transcripts as far back as early 2000s. Assuming you don’t need to go back that much and you only need the last three year’s tax transcripts, Get Transcript tool becomes a lifesaver.
To use Get Transcript, you will need to verify your identity and for that, you will need to provide the following.
- Social Security Number
- Filing Status (current)
- Date of Birth
- Mailing address
- Account number from a credit card, mortgage, home equity loan, vehicle loan, or home equity line of credit
- Mobile phone number registered under your name
Upon providing these to the Get Transcript tool, you will get a verification code to your phone number and once the code is entered, you’ll view the tax transcripts requested. This is how you request and obtain tax transcripts from the IRS and it’s the most convenient way of doing so. Nevertheless, you can fill out Form 4506-T and mail it to the IRS.
