Filing Income Taxes - Lost Your Tax Return? Here"s How to Replace It
There are many reasons to keep copies of your income tax return.
Aside from the possible IRS tax audit, you may be refinancing your mortgage or applying for business line of credit and need to prove two years worth of income.
But what happens when you complete your return and it is destroyed or misplaced or when you are unable to contact the tax preparer to obtain another hard copy? Fortunately if you find yourself in this situation there are a few alternatives that you can choose.
The Internal Revenue provides two ways to recover a previously filed income tax return.
Tax Account Transcript When you send in your tax return, whether by mail or electronically, the IRS keeps a version of it in its system.
The transcript shows items such as the account balance, accrued interest, and accrued penalty for your account.
It is useful for determining the summary of major line items on the tax return but does not show the same level of detail that you can find on a complete tax return.
For example, although the total for gross income is listed, the transcript does not provide you with the sources of income that was claimed to make up the amount.
Tax account transcript is also useful for determining the number of exemptions and filing status that were claimed on the income tax return.
Tax Account History Alternatively, some tax payers may need more detail than what is shown on the income tax transcript.
In those instances you will need to contact the IRS to request a copy of your tax return.
This will provide detail including all attachments that were included with your return.
Some instances where account history is more useful than transcript are when filing bankruptcy, completing loan applications, or submitting financial packet for college tuition assistance.
As you see both options are helpful.
Each provides different levels of detail.
Select the one that provides the information that is most relevant to your needs.
The time for receiving the information can take up to 60 days so be sure to submit request in a timely manner.
Both the forms are available online at the Internal Revenue Service's website.
The mailing address is included along with instructions for filing both forms.
And if you want to learn more about income tax strategies and resources for individuals and business owners, visit the tax center at http://www.
tbsusa.
com.
There you can download a free tax organizer and get practical, unbiased information to help you reach your financial goals.
Aside from the possible IRS tax audit, you may be refinancing your mortgage or applying for business line of credit and need to prove two years worth of income.
But what happens when you complete your return and it is destroyed or misplaced or when you are unable to contact the tax preparer to obtain another hard copy? Fortunately if you find yourself in this situation there are a few alternatives that you can choose.
The Internal Revenue provides two ways to recover a previously filed income tax return.
Tax Account Transcript When you send in your tax return, whether by mail or electronically, the IRS keeps a version of it in its system.
The transcript shows items such as the account balance, accrued interest, and accrued penalty for your account.
It is useful for determining the summary of major line items on the tax return but does not show the same level of detail that you can find on a complete tax return.
For example, although the total for gross income is listed, the transcript does not provide you with the sources of income that was claimed to make up the amount.
Tax account transcript is also useful for determining the number of exemptions and filing status that were claimed on the income tax return.
Tax Account History Alternatively, some tax payers may need more detail than what is shown on the income tax transcript.
In those instances you will need to contact the IRS to request a copy of your tax return.
This will provide detail including all attachments that were included with your return.
Some instances where account history is more useful than transcript are when filing bankruptcy, completing loan applications, or submitting financial packet for college tuition assistance.
As you see both options are helpful.
Each provides different levels of detail.
Select the one that provides the information that is most relevant to your needs.
The time for receiving the information can take up to 60 days so be sure to submit request in a timely manner.
Both the forms are available online at the Internal Revenue Service's website.
The mailing address is included along with instructions for filing both forms.
And if you want to learn more about income tax strategies and resources for individuals and business owners, visit the tax center at http://www.
tbsusa.
com.
There you can download a free tax organizer and get practical, unbiased information to help you reach your financial goals.
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