Do you want to review tax information you previously sent to the IRS, such as your 1040 tax return transcript or your taxable income from your tax account transcript? Do you want to see what the IRS says you owe? That’s where IRS Form 4506-T comes in. You can submit 4506-T to the IRS to request various tax transcripts.
What Is IRS Form 4506-T?
Form 4506-T is an IRS form you submit to request transcripts of your tax return and tax account information for specific tax periods.
Tax return transcripts display most lines from 1040 tax returns. However, they don’t reflect any 1040-X amendments to your original tax returns. In addition to tax return transcripts, you can file 4506-T to request a tax account transcript, record of account transcript, wage and income transcript, and verification of non-filing letter.
When Do You Need to File IRS Form 4506-T to Request Tax Return Transcripts?
You might want to request a tax return transcript when:
- Applying for a loan so lenders or creditors can verify your income tax information
- Applying for government benefits and programs
- Requesting federal aid as a student or federal healthcare programs, like Medicaid
- Filing Form 1040-X from a previous tax year
- Filing for a tax refund
- Completing a current 1040 tax return
- Collecting evidence to support your case if you’re being audited by the IRS
Who Can File IRS Form 4506-T?
A tax return transcript contains sensitive data, such as social security numbers. As such, only a few parties can file Form 4506-T, including:
- You (the taxpayer), either for self-purposes or to send to third parties, such as your bank.
- A third-party designee (individual or an organization), but the IRS must have a record of the designee’s signature. This third party also needs the authorization to sign your tax forms and Form 4506-T.
What Information Do You Need to Complete IRS Form 4506-T?
Considering the importance of a tax return transcript, you want to fill it out correctly before you submit. Sure, the form is free, but errors might cost you in other ways if your request is delayed because of an error.
When completing the IRS Form 4506-T, you must provide your:
- Name [or names if a joint return]
- Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), or Employee Identification Number (EIN) [include spouse’s if a joint return]
- Current address
- Previous address from last tax return (if different from current)
Which Tax Transcripts Can You Request with IRS Form 4506-T?
The most common tax transcript request is the IRS Tax Return Transcript, but there are other types of IRS transcripts you can request through Form 4506-T as well:
Tax Account Transcript
Includes filing status, taxable income, balance due, payments, penalties, and adjustments. These transcripts are available for up to 10 tax years, including the current (Get Transcript Online) and three previous tax years.
Record of Account Transcript
Contains a summary of all activities on your account for a specific tax year – up to three previous tax years. It’s the most comprehensive as it combines tax return transcripts and tax account transcripts into a single transcript.
Wage and Income Transcript
Shows all sources of income reported to the IRS each year from Forms W-2, 1098, 1099, and 5498. Up to 10 years of wages and income are available through Get Transcript Online or Form 4506-T. Note that current tax year information may not be available until July.
Verification of Non-Filing Letter
Confirms that you did not file any Form 1040 series return for a specific tax year or as of the date of your request. You can receive this letter after June 15 for the current tax year, or anytime if you’re requesting previous tax years.
How Many Years of Tax Transcripts Can You Request When You File IRS Form 4506-T?
You can request tax transcripts for the current year, one year, three years, or ten years. You may continue to ask for as many years of tax transcripts as possible.
Is There a Fee to File IRS Form 4506-T?
No. There is no processing fee to obtain a transcript if you file Form 4506-T. However, ordering a copy of your tax return or other tax records (such as W-2s) by filing Form 4506 will incur a $43 filing fee.
Can You Request Tax Transcripts Online Without Having to File Form 4506-T?
If you have an online account with the IRS, you can use Get Transcript Online to view and print your tax transcript. You can also download a copy of your tax transcripts as a PDF. Requesting your tax transcripts online is better than by mail since it’s faster and doesn’t require any paperwork.
If you don’t have an account with the IRS, Wiztax can help. Schedule a free call with us.
What’s the Difference between IRS Form 4506-T and IRS Form 4506?
Form 4506-T is used to request the tax transcripts described above, whereas Form 4506 is used to request a copy of a full tax return.
A tax transcript contains most of the information on your original income tax return. It can take 5-10 days for your transcript to arrive after the IRS receives and processes your 4506-T. A copy of your tax return includes all attachments and schedules you submitted with your original filing as well as amendments to previously filed returns. It can take up to 75 days to receive copies of your tax returns after the IRS receives and processes your 4506.
Both documents are valuable, and in some cases, you may need a tax transcript plus a copy of your tax return.
How Can Wiztax Help?
Call us today at (866) 568-4593 and we can help with getting you your IRS transcripts.
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