IRS Simplifies Form 4506T

Posted by Orb Staff on October 22, 2009 No Comments
Categories : Mortgage Servicing

The Internal Revenue Service (IRS) has issued a new form to aid the processing of mortgage applications under the Home Affordable Modification Program (HAMP). The new form will make it simpler for taxpayers, especially homeowners trying to modify or refinance their mortgages, to order copies of their tax-return transcripts.

Taxpayers can now use Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript, to order a Form 1040 series tax-return transcript free of charge.

A transcript is a computer print-out that includes most lines on the original return. A transcript often is an acceptable substitute for a copy of the original tax return for purposes of verifying income.

Form 4506T-EZ is a streamlined version of Form 4506T, Request for Transcript of Tax Return. Form 4506T-EZ is only for individuals who filed a Form 1040 series. Businesses, partnerships and individuals who need transcript information from other forms must still use Form 4506T.

Transcripts ordered through Form 4506T-EZ can be mailed to a third party, such as a financial institution.

Taxpayers can obtain Form 4506T-EZ at IRS.gov. It is a fillable form so people can complete the form online and print a copy. It can then be mailed or faxed to the addresses and numbers listed in the instructions. It generally takes 10 days to process the request.

SOURCE: Internal Revenue Service

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