If you are a regular tax payer, IRS will have all your past records with them. It is important to understand how to request a copy of a tax return so you can access that information in a timely manner. There are many instances where you might need the past records of your returns. Few of them are mentioned below:
- The Lost Copy
There can be a time when you simply lost your copy or there is a pressing financial transaction on the line. You may need a copy of your tax return if you lost tax documents for a particular year. here are few ways you can find another copy of your return:
- If you got your tax return prepared by a tax preparer, he should have a copy of your return with him
- Tax Help MD or any other Tax organizations have the client’s records saved. They can provide you a copy of your return.
- Call or send email to IRS and request the tax documents that you need. It costs $50 to obtain a copy of a past tax return from the IRS. However, if you do not need an exact copy of your tax return, there are also options for obtaining free copies of your Federal tax return information (online, by telephone, or by paper mail).
- When applying for a student loanor a mortgage loan
If you are applying for a student loan or mortgage loan the lender will request your financial information, which includes past tax information. Although every lender is different but most of the lenders will require a copy of your most recent income tax returns. There are different requirements of lenders:
- Mostly when applying for a home mortgage loan you may be required to provide your tax returns for the past 2 to 3 years
- You may need a copy of a past tax return if you want to modify or refinance your mortgage loan
- A tax return transcript may be enough for some lenders to make an informed decision