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Form 4506: Request for Copy of Tax Return



Definition

Form 4506: Request for Copy of Tax Return is a document issued by the U.S Internal Revenue Service (IRS) that taxpayers use to request exact copies of one or more previously filed tax returns and tax information. This form enables taxpayers to get various types of previous tax records, such as W-2, 1099, 1098, 1040, or a transcript of a previously submitted tax return. The IRS may charge a fee for sending the tax return copy.

Phonetic

The phonetic pronunciation of “Form 4506: Request for Copy of Tax Return” would be:Form 4506: fɔrm fɔːr faɪv θriː ‘sɪkstɪnRequest: rɪ ‘kwɛst for: fɔrCopy: ‘kɑːpi of: ʌv Tax: tæks Return: rɪ ‘tɝːn

Key Takeaways

  1. Identification of Personal Information: Form 4506: Request for Copy of Tax Return, Is a document issued by Internal Revenue Service (IRS) in U.S. that allows taxpayers to request copies of their previous Tax return documents. Individuals and corporations can use it to request exact copies of previously filed tax returns and all attached schedules and forms.
  2. Associated Fees: There is usually a fee for each return requested. The individuals must make the payment at the time of the request. Currently, IRS charges $43 for each tax return requested using Form 4506. However, this cost might change so it’s necessary to check the updated price with the IRS.
  3. Processing Time: It can take up to 75 days for the IRS to process the request and send a copy of the tax return. Therefore, taxpayers need to allow enough time for the processing when they are planning to use it for purposes such as acquiring a loan or immigrations.

Importance

Form 4506, Request for Copy of Tax Return, is vitally important in business and finance mainly due to its role in retrieving past tax return documentation. This form is used to officially request copies of previous tax returns from the Internal Revenue Service (IRS). It can be essential in various situations, such as when applying for a mortgage or loan, where lenders often require proof of income tax returns to verify an applicant’s income. Additionally, it can also help resolve potential tax disputes, or aid in tax planning by providing comprehensive tax history. Without Form 4506, obtaining a copy of these crucial documents would be far more difficult, therefore, making this form a significant asset in financial and business environments.

Explanation

Form 4506: Request for Copy of Tax Return is a crucial document utilized for a variety of financial and business purposes. Its fundamental purpose is to allow individuals or authorized third parties to obtain copies of past tax returns and all related attachments that have been submitted to the IRS. These official copies often serve important legal and financial needs, as they comprehensively detail the tax payer’s income, deductions, credits and other pertinent financial data over the specified tax period.The usage of Form 4506 can range from personal financial needs to fulfilling requirements for different types of transactions. For instance, it’s tremendously common in mortgage lending where the applicant’s income needs to be verified for loan approval. Besides that, entities applying for student or small business loans, wishing to amend previous returns, or substantiating income for a potential investor or business partner may also utilize this form. Therefore, Form 4506 plays a pivotal role in enabling transactions requiring proof of income or verification of tax return information.

Examples

1. Mortgage Application: When applying for a mortgage, the lending institution may require you to submit Form 4506: Request for Copy of Tax Return. This is to obtain copies of your tax returns to verify your income and financial stability before approving the loan. This can help them assess your ability to pay back the mortgage.2. Loan Modification: In cases wherein the borrower is applying for a loan modification, the lending institution may also require the borrower to submit a Form 4506. This could be done to verify the borrower’s financial circumstances, including income and tax payment history, to ensure the borrower can afford the new loan terms.3. Income Verification for Student Financial Aid: If you’re applying for student financial aid through the FAFSA (Free Application for Federal Student Aid), you may need to fill out and submit Form 4506 if selected for verification by the U.S. Department of Education. This allows them to verify the income reported on the FAFSA by obtaining a copy of your tax return from the IRS.

Frequently Asked Questions(FAQ)

What is Form 4506: Request for Copy of Tax Return?

Form 4506: Request for Copy of Tax Return is a document issued by the United States Internal Revenue Service (IRS) that taxpayers can complete to obtain a copy of previously filed tax returns and attachments.

When might I need to use Form 4506?

Individuals may need to use Form 4506 for several reasons, such as applying for a mortgage or for student loans, to prove income for a business loan, or to handle complicated tax situations during an IRS audit.

How can I get a copy of Form 4506?

You can directly download Form 4506 from the official IRS website.

Is there a fee to request a copy of a tax return?

Yes, for each request of Form 4506, the IRS charges a $50 fee. The copy includes your tax return and all the attachments you filed with it, such as Form W-2s and schedules.

How long does it take to receive the requested tax return?

After submitting Form 4506, it usually takes the IRS about 75 days to process the request and mail you the tax return copy.

Can I request tax returns from previous years using Form 4506?

Yes, you can request tax returns from as far back as 7 years ago.

Can I request a transcript instead of a full copy of my tax return?

Yes, if a transcript will suffice, you can fill out Form 4506-T or Form 4506T-EZ to request a transcript of your tax return, which is free of charge.

Do I need to fill out a separate Form 4506 for state and federal returns?

Yes, as Form 4506 only applies to federal tax returns. For state tax returns, you would need to contact your state’s tax department.

What information is needed to complete Form 4506?

To complete Form 4506, you’ll need to provide your name, social security number, address, the tax form number of the return you’re requesting, the end date of the tax year, and your signature. If you filed the return jointly, your spouse must also sign.

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