Imagine this… In order to apply for a loan you need your tax return data for the last several years. The problem you face, however, is that for whatever reason (move, divorce, poor filing, etc.) you can’t find your returns.
The IRS has now made it easy to receive what it calls a Tax Return Transcript. As described on the IRS website…
“A tax return transcript shows most line items from your tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes you, your representative or the IRS made after the return was filed. In many cases, a return transcript will meet the requirements of lending institutions such as those offering mortgages and for applying for student loans.”
So if you’re can’t find copies of your returns and you need information in a hurry, consider obtaining a Transcript.