You need to provide copies of your tax returns for the past two years. You’ve looked and looked some more; however, they have vanished. The mortgage company won’t proceed with the financing of your home loan request until you produce them. What to do?
IRS rides to the rescue. They provide you a toll-free number which offers to provide you with two alternatives. You can get transcripts, up to ten, or full-blown photocopies of previously filed return(s). The transcripts are free, but each full return will set you back $57.00.
Something to keep in mind – If a paid preparer completed your returns, he/she may be able to provide you with a prior year’s copy. That’s dependant, of course, on how far back you are requesting. Don’t be too surprised if the preparer requires a $15 plus payment for this service. Considering the IRS will charge you $57, your preparer’s charge should be considered a bargain.
Transcripts contain all third-party income information for that year that has been reported to the IRS. This information can be very helpful if you have not filed a return for that year. It will provide a “minimum” snapshot of what the IRS expects to be reported by you that year.
The IRS advises it will forward your transcripts in ten days, and a full return photocopy will require sixty days. They cannot supply return copies older than seven years.
The IRS number is 1 800 908-9946.
Tax Wisdom: Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete.
IRS Form 1040