Per IRS Notice IR-2009-096, dated October 21, 2009, the IRS announced issuance of a new form to facilitate processing of mortgage applications under the Home Affordable Modification Program (HAMP), part of the “Making Home Affordable Program.”

The IRS issued the Short Form Request for Individual Tax Return Transcript (Form 4506T-EZ) to allow individual taxpayers to order their Form 1040 transcripts free of charge. This Short Form is a simplified version of the Request for Transcript of Tax Return (From 4506T) used to order transcript information from all IRS forms. Note: Businesses, partnerships and individuals who need tax return information from other than the Form 1040 must still submit the standard Form 4506T.

Form 4506T-EZ will make it easier for individual taxpayers, particularly homeowners modifying or refinancing an existing mortgage, to obtain copies of their tax return information.

Tax return transcripts are computer print-outs of tax return information (almost every line on the return) and can serve as a substitute for copies of original tax returns for income verification by financial institutions and others. Therefore, the IRS allows tax return transcripts ordered through Form 4506T-EZ to be sent directly to third parties, including financial institutions.

Form 4506T-EZ is available on the IRS website and if a “fillable” form that can be completed online, then saved in PDF format and printed out for signing. The signed form should be mailed or faxed to the IRS to the appropriate address or fax number found in the form instructions. The IRS will normally require 10 days to process Form 4506T-EZ requests.

Note: Taxpayers must accurately complete all required fields, particularly the years for which transcripts are needed, prior to signing and dating the form.

Also, taxpayers are encouraged by the IRS to always retain copies of their original tax returns in a safe, secure place.

Alternatively to ordering tax return transcripts, exact copies of tax returns are available by completing and submitting the Request for Copy of Tax Return (Form 4506T), but there is a fee (currently $57 per copy) and require up to 60 days to process.

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