What is a 4506-T and 4506T-EZ

We find that many clients are frequently asking about the HAMP and HAFA programs. These questions seem to be on everyone’s mind and what exactly is this 4506-t? Traditionally, the 4506-t is used by loan officers and submitted to mortgage lenders in the case of origination or to have on file for when they are processing loan applications and putting them through the under writing process. Those with bad credit find it difficult to get the help they need but when those even with perfect credit are being scrutinized you know the times are getting tough.

The 4506-t form as per the Tip at the top explains it all, “Use Form 4506-T to order a transcript or other return information free of charge.” The bank uses this in most cases to save for its own records because in the case that there is some sort of fraud that is committed they can verify their suspicions by ordering the sellers tax return to see if that part of the information for their review was falsified.

The general instructions go on to say on the 4506t-ez form that the difference between the 4506-t and the 4506t-ez form is that “4506t-ez cannot be used by taxpayers who file form 1040 based on a fiscal tax year (that is, a tax year beginning in one calendar year and ending in the following year). Taxpayers using a fiscal tax year must file form 4506-t.” The 4506-t form can be used to request the following:

• A transcript of a business return (including estate and trust returns).
• An account transcript (contains information on the financial status of the account, such as payments made on the account, such as payments made on the account, penalty assessments, and adjustments made by you or the IRS after the return was filed).
• A record of account, which is a combination for line item information and later adjustments to the account.
• A verification of non-filing, which is from the IRS that you did not file a return for the year.
• A Form W-2, Form 1099 series, Form 1098 series, or Form 5498 series transcript.
• Form 4506-T can also be used for requesting tax return transcripts.

Individuals can use Form 4506t-ez to request a tax return transcript that includes most lines of the original tax return. The tax return transcript will not show payments, penalty assessments, or adjustments made to the originally files return. You can also designate a third party (such as a mortgage company to receive a transcript on line 5.)

Please fill out the form below for any real estate or mortgage assistance.

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