4506-T and IRS Form 4506

As organized as you may be it is possible that you could lose an important tax document such as your personal tax return, corporate tax return, nonprofit tax return, W-2 form or estate tax returns. What do you do when this happens?

He probably realizing you're not the first person to the lost a tax return. So the Internal Revenue Service has a system for requesting and getting copies of your previous filed tax returns.

IRS Form 4506-T is a Request for a Copy of a Tax Return

The answer to this problem is the IRS form 4506 that is a request for copy of tax return.

It is also possible that you may need a form 4506 even if you have a copy of the original return you filed. This would be when you need to document and prove that you have filed a particular tax return. It is common when you are selling a business or getting a loan to prove that the income you are stating has actually been filed with the federal government.

 IRS Form 4506 for Loan Documentation

Often in order to prove income banks and lenders will accept a transcript of the year tax return from the Internal Revenue Service. A request for transcript of tax return is accomplished by filing a form 4506-T . Though this will not give an exact copy of the file tax return it will give a transcript with most all if not all of the pertinent numbers.

 IRS Form 4506 Warning

Though this may sound obvious, a word to the wise is not to sign a 4506 if you are stating an income that is not being represented on your filed return. In the past creditors requesting loans thought they could play Russian roulette a with a 4506. Considering the financial crisis and the number of loans that have gone bad recently it is very unlikely that a lender will not pull a copy of the 4506 and compare it to the stated income in the loan requests.