HOW TO GET A COPY OF YOUR RETURN FROM THE IRS

Q. I lost my old tax returns and now I need them to give to the bank. Is there anyway that the IRS keeps old copies that I can get?

Ralph

A. It is a good idea to have a filing system that keeps good track of your records. If you go to the Kopsa Otte website at http://www.kopsaotte.com/ we have a record retention guide in the publications section.

As far as your current problem is concerned there are a couple of ways you can get the information that the bank is requesting. The quickest, easiest and cheapest way as to ask for a transcript. This is not a copy of your return, but rather pertinent numbers that are on the return. I would ask the bank if they would accept a transcript. If not, then you will need to request a full copy.

Requesting a Transcript
The IRS does not charge a fee for transcripts, which are presently available for the current tax year as well as the past three tax years. As mentioned above, a tax return transcript shows most line items from your tax return as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes made after the return was filed. In addition a transcript shows any later adjustments either you or the IRS made after the tax return was filed. This transcript shows basic data – including marital status, type of return filed, adjusted gross income and taxable income.

To request a transcript online, go to http://www.irs.gov/ and look for a online tool called Order A Transcript. To order by phone, call 800-908-9946 and follow the prompts in the recorded message.

To request a 1040, 1040A or 1040EZ tax return through the mail, complete IRS Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Businesses, partnerships and individuals who need transcript information from other forms or need a tax account transcript must use the Form 4506T, Request for Transcript of Tax Return.

If you order online or by phone, you should receive your tax return transcript within 5 to 10 days from the time the IRS receives your request. Allow 30 calendar days for delivery of a tax account transcript if you order by mail using Form 4506T or Form 4506T-EZ.

Requesting An Actual Copy
If you still need an actual copy of a previously processed tax return, it will cost $57 for each tax year that you order. Complete Form 4506, Request for Copy of Tax Return, and mail it to the IRS address listed on the form for your area. Copies are generally available for the current year as well as the past six years. Allow 60 days for actual copies of your return.

I hope that this helps.

Larry Kopsa CPA