New Form Helps with Ordering Tax Transcripts

The Internal Revenue Service has issued a new form that will make it easier to order tax transcripts and help process mortgage modification applications.

The new forms are being issued in conjunction with the Obama administration’s push to help more homeowners cope with their mortgage problems. The form will aid in the processing of mortgage applications under the Home Affordable Modification Program, part of the Making Home Affordable Program.

Other types of taxpayers, as well as tax practitioners, also often need copies of tax return information. Taxpayers can use the new Form 4506T-EZ, “Short Form Request for Individual Tax Return Transcript.”

The transcript is a computer print-out that includes most of the lines on the original return and can act as an acceptable substitute in many cases for a copy of the original tax return for purposes of verifying income.

Form 4506T-EZ is a streamlined version of the Form 4506T, “Request for Transcript of Tax Return.” The Form 4506T-EZ is only for individuals who have filed a Form 1040 series form already. Businesses, partnerships and individuals who need transcript information from other forms must still use the Form 4506T.

Transcripts ordered through the Form 4506T-EZ can be mailed to a third party, such as a financial institution. The IRS cautions taxpayers that they should complete all the required fields, especially the requested years, before signing and dating the form.

The new forms are available at IRS.gov. The 4506T-EZ is a fillable form so people can complete the form online and print a copy. They can then mail or fax it to the addresses and numbers listed in the instructions. It generally takes 10 days to process the request.

Exact copies of tax returns are available by filing Form 4506, “Request for Copy of Tax Return,” but each copy costs $57 and can take 60 days to process.