Individuals and companies that need to have copies of their tax returns can easily get it from the Internal Revenue Service (IRS) via toll free phone number or e-mail. The phone number and e-mail address is listed on the IRS website. Users are required to fill an IRS form 4506T, which acts as a request letter for getting copies of tax returns.
Tax return copies are available in two different formats namely tax return transcript and tax account transcript. Tax return transcript is the unedited version of tax returns return4refund that contains all line items included in tax return forms such as form 1040, 1040A, or 1040EZ. The transcript does not contain changes made by the tax representative or the IRS when the return was filed. Tax account transcript is different from tax return transcript as it contains all the changes made after filing the return by the tax representative or IRS.
Both the transcripts contain common entries such as taxpayer’s personal data including marital status, type of tax return, adjusted gross income, and taxable income. Individuals need these copies to prove their credibility when applying for mortgage or personal loans. Copies of tax returns are also required while applying for student loans.
Companies require copies of tax returns for getting loans from banks and financial institutions. These funds may be used for effecting expansion plans or buying other companies. Company rules and regulations also require companies to maintain complete records of their tax assessments, which may be required as evidence in case the company gets into legal wrangles.
It is necessary to store tax return copies in a proper manner as they might get damaged and become unacceptable to banks and financial institutions while applying for a loan. Users can get duplicate copies by paying the required fee but this usually takes time and should be avoided.
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Tax returns are forms filed by the Internal Revenue Service (IRS) or the state tax collection agency. These forms contain information on the calculation of income tax or other taxes. The standard US individual tax return is form 1040. There are several variations of this form such as the 1040EZ and 1040A with different supplement forms.
Americans who earn more than a specified amount of money are required to file tax returns by law. IRS demands tax returns on the basis of three parameters, which includes filing status, age and income level.
Filing status is based on a person’s marital status on the last day of year. This includes single or joint return status. Filing requirements vary according to a taxpayer’s filing status. According to the IRS, all those earning a regular income should file a return. However, there are certain rules for the elderly and for children under the age of 14 with an investment income. There are certain income limits for filing the tax return. If a person’s gross income is not exceeding that limit then they need not file any tax returns. Employment income, income from self-employment and investment income is all taxable income.