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Where can I get copies of my
tax returns?
Dear Dollar Diva,
My husband and I are getting
ready to buy a home, and we need our Federal Form 1040s from 1997,
1998, and 1999. Unfortunately, we can't find them. Is it possible
to get copies of them?
The most obvious
first place to go is your tax preparer, if you had someone else
prepare your tax returns for those years. If not, fill out IRS Form
4506, Request for Copy or Transcript of Tax Form, send
it to the IRS, and it will provide the information you need.
Form 4506 will
get you transcripts or copies; which should you ask for? Go for
the transcripts if your lender will accept them.
Transcripts
Transcripts are only available for tax returns in the Form 1040
series, such as 1040, 1040A, 1040 EZ. They show most of the items
from the original return, including accompanying forms and schedules,
and should contain the information your financial institution is
looking for.
It won't cost
you a dime for the transcripts, and you can expect delivery seven
to 10 workdays after the IRS receives your request.
Copies
of your tax forms
If your lender insists on copies of the tax forms, the IRS will
do it for you. It will make copies of the forms and all attachments,
including W-2's, and charge you $23 for each year. That's a pricey
$69 for the three years you need.
On top of that,
expect to twiddle your thumbs for up to 60 days while you wait for
the copies to arrive.
Saving
your tax records
Save your tax returns and all supporting documentation for six years
after you file them. The IRS only has three years to come after
you for an audit, but if it thinks you didn't report 25 percent
of your gross income, it has six years to track you down.
There's no time
limit if Uncle Sam thinks the tax return you filed is fraudulent,
so bad guys are expected to keep their tax records indefinitely.
 DOROTHY
ROSEN has a master's degree in finance, with a specialization in
accounting, from the Kellogg Graduate School at Northwestern University
in Evanston, Ill. Rosen has more than 15 years of experience in
the financial arena, serving in Illinois and Florida as a certified
public accountant, financial consultant, expert witness and educator.
She is owner of Dorothy Rosen, CPA, a public accounting firm that
serves individuals and small businesses.
-- Posted: March 12, 2001 |
