Have you ever needed a copy of a past tax return and contacted the IRS to get one? In the past, you had two options. You could mail or fax Form 4506 and expect to get a copy in “up to 75 days.” Oh, and you must pay $50 for each return requested.
The second option was to request a transcript of your return on Form 4506-T. A transcript just shows the line items on your return somewhat similar to the long-defunct 1040-PC. These are free and are normally received 5-10 days after the IRS receives the request. A transcript request may be faxed or the taxpayer may call 800 908-9946 to request one. These can also be requested online at http://www.irs.gov/Individuals/Get-Transcript.
However, the IRS now has a new, faster method of receiving a transcript. If you go to http://www.irs.gov/Individuals/Get-Transcript one of the options now is to get it instantly online. I tried this and it works fairly well. It took me eight minutes to go through the registration process. There are a couple of cautions in registration, however. First, when you start, the IRS will send you a confirmation code via email. Once you get this code, it is in a format of four digits, a dash, and another four digits, XXXX-XXXX. Since the registration requires this be placed into two boxes, you can’t cut and paste.
Second, at one point in the process, you need to click to confirm. Before doing that there is a box to check. Be sure and read what the box says. If you check the box, the system does not remember your information and you would have to re-enter it if you need to obtain another transcript later. If you don’t check the box, the information is stored.
I would add that you must input a fair amount of information to open the account and it is information someone other than you would not likely know. For example, one of the questions I had to answer dealt with the length of my auto loan. That is not information that your preparer would like have access to, so you must generally set up your own account.
At this online site, you can get a transcript, which is just a transcript of the return as filed. You can get an account transcript, which shows any adjustments made to the return. A record of account transcript combines these two. Finally, you can get a wage and income transcript which is a listing of W-2’s, 1099’s, and the like that you received. What is somewhat puzzling is that the same years are not available for all options. For example, my transcript only went back to 2010, while my wage and income transcript went back to 2004.
Another option for obtaining a copy of your return is to contact your preparer. However, most preparers do charge for copies of the return since one is provided when the return is completed. If you are looking for a fairly old return, it may not be available from the preparer. At John Stancil, CPA we have a portal which may be accessed by clients at any time and they may download a copy of their return. As more preparers go paperless, you can expect to see an increase in this option.
Dr. John Stancil (My Bald CPA) is Professor Emeritus of Accounting and Tax at Florida Southern College in Lakeland, FL. He is a CPA, CMA, and CFM and passed all exams on the first attempt. He holds a DBA from the University of Memphis and the MBA from the University of Georgia. He has maintained a CPA practice since 1979 with an emphasis in taxation. His areas of expertise include church and clergy tax issues and the foreign earned income credit. He prepares all types of returns, individual and business.
Dr. Stancil has written for the Polk County Business Journal and has presented a number of papers at academic conferences. He wrote the Instructor’s Manual for the 13th edition of Horngren’s Cost Accounting. He is published in the Global Sustainability as a Business Imperative, Green Issues and Debates, The Encyclopedia of Business in Today’s World, The Palmetto Business Review, The CPA Journal, and in the NATP TaxPro Journal. His paper, “Building Sustainability into the Tax Code” was recognized as the outstanding accounting paper at the annual meeting of the South East InfORMS. He wrote a book entitled “Tax Issues Faced by U. S. Missionary Personnel Abroad ” that will soon be published.
He has recently launched a new endeavor, Church Tax Solutions, which presents online, on demand seminars on various church and clergy tax issues.
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