It is important to keep copies of your prior year tax returns for various reasons. If the IRS subsequently has any questions, sends you a notice, or advises you of a review or audit, you will need to have copies of your return and supporting documentation. You may need to provide a copy of one or more prior year tax returns when you apply for a mortgage loan. If you start your own business and apply for loans, lines of credit, a business credit card, or other types of financing, the lender may ask to see copies of your individual tax returns to use as a basis for granting credit to your business. And when you apply for financial aid for university students, you will need the information from last year’s tax return when you complete the FAFSA – Free Application for Student Financial Aid.
When you are preparing this year’s tax return, you may find that you need to refer to last year’s return for information. If you take your taxes to an accountant or tax preparation firm to have your returned prepared, they may ask to see a copy of last year’s return. Also, if you elect to sign your tax return electronically using a PIN through the IRS e-file system, you will need to provide the adjusted gross income as reported on your original return for last year. This is a security measure that the IRS uses to verify your identity.
If you did not save a copy of last year’s or a prior year return, or have misplaced your copy, you can obtain a copy of your return, or a transcript of the information contained on your return, from the IRS.
If you need a photocopy of a previously filed tax return, including the tax form itself, all accompanying schedules, and attachments, such as W-2 forms or other statements, you can complete IRS Form 4506, Request for Copy of Tax Return, and mail it to the IRS address indicated on the form for your area. According to the IRS, there is a fee of $39.00 for each tax period requested, and copies are generally available for the current and past 6 years. Your check or money order should be made payable to the “United States Treasury”, and the IRS says it may take up to 60 calendar days to receive your copies.
You can request Form 4506 at any IRS office, you can call the IRS at 1-800-829-3676 to request the form, or you can download the form from the IRS website at www.irs.gov. On the home page select “More Forms and Publications. On the next page that opens, select “Form and instruction number”. The next page will list all available forms and instructions. Scroll down until you find Form 4506.
Transcript of a Prior Year Return
You could also request transcripts from the IRS, free of charge. There are two types of transcripts – tax return transcripts and tax account transcripts. A tax return transcript is a computer printout of the information contained on the return that you filed, summarized by major lines on Form 1040, 1040A, or 1040EZ. It is not the same as a copy of the tax return itself, but it has the same information. According to the IRS, a tax return transcript will generally satisfy most needs, and may be an acceptable substitute for an actual copy of the return by the United States Citizenship and Immigration Services and lending agencies for student loans and mortgages.
The tax return transcript will not reflect any changes that you, your representative, or the IRS made after the return was originally filed. If you need a transcript that shows all changes to your return, and all the charges and credits to your account, you should request a tax account transcript.
You can request a tax return transcript or tax account transcript by phone at 1-800-829-1040, or by mail, completing Form 4506-T, Request for Transcript of Tax Return. On this form you can also request a transcript of data from Forms W-2, and the 1099, 1098, and 5498 series. This form is also available for downloading from the IRS website at www.irs.gov, or you can call the IRS at 1-800-829-3676 to request the form.
The transcript will be sent directly to you, unless you indicate on Form 4506-T that you want the transcript sent to a third party, in which case you must sign and date the form giving your consent for the disclosure. You should receive a tax return transcript about two weeks after the IRS receives your request, and tax account transcripts should be received in about 30 days. You can get a transcript sooner by visiting an IRS office or calling.
As mentioned above, transcripts are free of charge and are available for the current and three prior calendar years.
Reference:
Internal Revenue Service – Need a Copy of Your Tax Return Information? www.irs.gov
