Explain Form 4506-T From the IRS

You can use Form 4506-T to request that the IRS send you information from your previously filed tax returns. You might need this form if you have lost your tax records, or if a potential employer or lender wants to verify your income as reported on your return.

Significance

The "T" in Form 4506-T stands for "transcript." You do not get copies of your filed tax forms when you send in a 4506-T request. Rather, you simply get a line-by-line printout of the information that was on your return, as recorded in the IRS' computers. If you want copies of the actual forms you filed, you must fill out Form 4506 -- without the "T."

Types

You can use Form 4506-T to request several types of information. You can order a "return transcript," which includes the line-by-line information from your full tax return. You can order an "account transcript," which only provides data related to the status of your account with the IRS -- that is, the amount of your tax liability, payments you have made, refunds you have received, and any fines or penalties you have been charged. Or you can order a "record of account," which is simply the information from both the return transcript and the account transcript.

In addition, you can use Form 4506-T to request a "verification of non-filing." This is simply a statement from the IRS proving that you did not file a return for a given year. Finally, you can request transcripts of information from Forms W-2, 1098, 1099 and 5498.

You must fill out a separate 4506-T for each form you want a transcript of.

Time Frame

The IRS says return transcripts and records of accounts are available for any returns processed in the past three years, while account transcripts are usually available for any year. Return transcripts are usually processed within 10 business days, while account transcripts and records of accounts take up to 30 calendar days.

Third Parties

You can use Form 4506-T to request that a transcript be sent directly to a third party, such as an employer or a mortgage company. The IRS warns on the form that, once it sends the transcript out to a third party, it has no control over what happens to the information.

Cost

Transcripts obtained with Form 4506-T are free. This is an advantage over requesting actual copies with Form 4506, which incurs a significant fee. As of 2010, the fee for copies was $57 per return.

Alternative

An abbreviated version, Form 4506T-EZ, is available if you are requesting only a return transcript, and only if the transcript you want is a 1040-series individual tax return. Other tax returns -- such as Form 1120 filed by corporations, or Form 1065 filed by partnerships -- can only be obtained with the standard 4506-T.

References

• IRS.gov: Form 4506-T
• IRS.gov: Form 4506T-EZ
• IRS.gov: Form 4506