IRS Form 4506-T-EZ is used to gain access to financial records from the IRS, either for yourself or to send to a third party. It is often required when applying for a loan – especially a mortgage – as a way for lenders to verify the income stated on the application. Learn more about the form and how to fill it out correctly.
What is Form 4506-T-EZ?
IRS Form 4506-T is a document used to access financial records from the Internal Revenue Service (IRS) for a given year or period. It can be used to help with loan applications and for accessing one’s own records like a W-2 form, Form 1098, Form 1099, or Form 5498. It is different from Form 4506 which is a copy of a tax return and provides less detailed information. Form 4506-T can be requested for free, though certain banks and lenders may require Form 4506 and a $50 fee. If needed, Community Tax or a tax professional can provide assistance with 4506-T.
IRS Form 4506-T-EZ – Who Needs to Fill It Out?
IRS Form 4506-T is used by individuals and third parties to obtain a transcript of their tax return for the current year to three years prior. It is commonly requested by those applying for a loan, including mortgages, as a way for lenders to verify that the applicant’s income is legitimate. Those who are self-employed or work odd jobs may be required to fill out this form, though many who work more traditional jobs will not need to worry about it. It is free to file and usually delivered by mail within 3 weeks, but can take up to 75 days if a copy of the return is requested. Remember that your sensitive financial information is included on this form, so it’s important to make sure that it is properly protected.
Step-by-Step: Form 4506-T-EZ Instructions For Filling Out the Document
Filling out IRS Form 4506-T is relatively simple and straightforward. Begin by providing your personal information, including your current address, then indicate the tax form for which you want a transcript, either for individual or business purposes. Enter the type of transcript information you’d like to receive on line 6 (6a, 6b, or 6c), the time period of tax returns you are requesting on line 9, and sign & date. Lastly, send the form to the IRS indicated for your area (addresses available of the IRS website). Requesting a transcript electronically or by mail are also options. Make sure you have the right information ready, as well as a secure username & password to access your transcript. For further assistance, consider reaching out to a tax professional.
Below, we present a table that will help you understand how to fill out Form 4506-T-EZ.
| Information Required for IRS Form 4506-T | Details |
|---|---|
| Name | Your full name |
| Address | Your current mailing address |
| Tax Form Type | Specify whether the transcript is for individual or business purposes |
| Type of Transcript | Select the type of transcript information you need (6a, 6b, or 6c) |
| Tax Return Period | Indicate the time period of tax returns you are requesting |
| Signature & Date | Sign and date the form |
| IRS Mailing Address | Send the form to the IRS address specified for your area (check the IRS website) |
| Electronic Request | Consider requesting a transcript electronically |
| Tax Professional | If needed, seek assistance from a tax professional |
Do You Need to File Form 4506-T-EZ Each Year?
Do You Need to File Form 4506-T Each Year? You will likely need to file IRS Form 4506-T each year, but not in all cases. The 4506-T is necessary when applying for a loan and when accessing IRS transcripts for self-filing needs. It also comes in handy when needing to verify a year where you did not file taxes with the IRS. Form 4506-T is generally free and arrives within 3 weeks by mail. Depending on the type of data requested, you may need to submit Form 4506-EZ or 4506 instead. To be sure, refer to the IRS website for the most up-to-date instructions for submitting your form accurately.
Download the official IRS Form 4506-T-EZ PDF
On the official IRS website, you will find a link to download IRS Form 4506-T. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: IRS Form 4506-T-EZ
Sources:
https://www.irs.gov/forms-pubs/about-form-4506-t-ez
