Jan 28, 2008

Question: Form 4506 vs Form 4506-T

QUESTION: Hi, I'm a Mortgage Consultant (a.k.a. Loan Officer) and have been given so many different—but all of them are reasonable and seems to have some merit—answers for the same question: What's the difference between a form 4506 and a form 4506-T?
In short, from my understanding, a form 4506 is used to request the FULL Tax Return Transcripts, which includes all data for all fields that was reported on the taxpayer's tax return(s). Whereas a form 4506-T is used to just obtain a handful of pre-selected fields from the tax return, such as Job Title, employment status (i.e. self-employed, W-2, etc.), etc.).
Is this correct? And if so, what 'pre-selected fields' are included in the 4506-T? And what does the 'T' stand for in the 4506-T?

ANSWER: Thanks for your question! You are correct in that Form 4506 is used to obtain a full copy of your income tax return. The Form 4506-T is used to obtain certain information pertaining to your return, such as:
1) Transcript of the tax return,
2) Information for your tax account,
3) Your wage and income information,
4) a record of account (your tax liability vs. tax payments you have made).

So, as you can see, Form 4506 requests a full copy of your return and the Form 4506-T requests one or more elements of the return. By the way, the "T" in 4506-T probably represents the term Transcript. In reality, only the IRS really knows this answer for sure!!

1 responses:

Anonymous,  September 12, 2008 at 2:40 PM  

Additionally, Form 4506-T will only provide returns for the Current Tax year and three (3) previous Tax years. If you need to obtain Tax Returns four (4) years and older, you must use Form 4506. Also, the IRS charges $39.00 per Tax Return for copies of returns four (4) years and older (Form 4506). Form 4506-T requests are free, since they are on-line for the IRS support personnel. Tax returns beyond four (4) years are achieved and must be manually retrieved.

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