How to get copies of tax returns from previous years

Certain situations may require you to have access to your previously filed tax returns. The most common is during a loan application process when your lender requests prior years' tax information to verify your stated income. You may also need old tax information to amend a prior-year tax return, compare it to your current year tax return, or defend yourself in the case of an Internal Revenue Service (IRS) audit.

While you should save a copy of your business tax returns for a minimum of seven years, if a situation arises and you need to access an old tax document you do not have in your possession, what should you do?

Tax Transcript vs. Exact Copy of Tax Return

You can obtain an exact copy of your previously filed tax return by filing Form 4506, Request for Copy of Tax Return with the IRS. You can request many types of tax returns on the Form 4506, including:

• Form 1040, U.S. Individual Income Tax Return
• Form 1120, U.S. Corporation Income Tax Return
• Form 1065, U.S. Return of Partnership Income
• Form 1041, U.S. Income Tax Return for Estates and Trusts
• Form 941, Employer's Quarterly Federal Tax Return

In some cases, a tax return transcript may satisfy the person or entity requesting your tax information. Most mortgage lenders are satisfied with the information provided on a tax return transcript.

A tax return transcript is a shorter printout of the information on your previously filed tax return. It lists most line items including your adjusted gross income (AGI) from your original tax return as filed. It does not show any changes made in an amendment to your return. A tax return transcript is only available for the current year and previous three years.

There are several advantages to the tax return transcript. It is free, while there is a small fee for an exact copy of your tax return. The fee for an exact copy of your tax return is $43 as of 2021.

The processing time is also much shorter for a tax return transcript. You can get your tax return transcript instantly with the Get a Tax Transcript tool on the IRS website or by calling the IRS at 1-800-908-9946. Alternatively, you can complete and mail in Form 4506-T, Request for Transcript of Tax Return. If you mail in your request for a tax return transcript, you can expect to receive it in the mail after five to 10 business days. On the other hand, if you mail in the Form 4506, you can expect to wait up to 75 calendar days to receive an exact copy of your tax return.

Please note, if you file a tax return jointly with your spouse, only the primary spouse listed on the tax return can request a tax return transcript via the telephone. Either spouse can request a tax return transcript via the website or complete and mail the Form 4506-T. Similarly, either spouse can complete and mail the Form 4506 to request an exact copy of the tax return.

Other Transcript Types

There are several other tax transcript types.

A tax account transcript shows a more abbreviated version of important information from your previous tax return. It shows your return type, filing status, AGI, taxable income, and payment type. This transcript type is available for more tax years than the tax return transcript; you can request a tax account transcript for up to 10 prior years.

A record of account transcript combines both the tax return and tax account transcripts into a complete transcript. It is available for the prior three years.

A wage and income transcript shows data from information returns filed with the IRS such as Form W-2 Wage and Tax Statement, Form 1098 Mortgage Interest Statement, and the various Form 1099s. These are available for up to 10 prior years, although the current tax year information may be incomplete until July.

There are quite a few reasons why someone might need access to a previous year’s tax return. And unless you are highly organized, you might not be able to retrieve a copy from your personal filing cabinet. Never fear, though, because in cases involving mortgages, student loans and citizenship, one is usually only required to provide the basic information that can be found on a tax return transcript.

Transcripts - Free

Transcripts of tax returns are available for three years prior to date, and they include the majority of the line items from your original tax return. If you are asked to provide an “exact copy,” a transcript will not suffice. If you are simply in need of the information from your original return, however, a transcript is an easy and free solution.

If changes were made to your return (by you or the IRS) after it was filed, neither an exact copy or a transcript will contain the information you need. In this case, you should request not a tax return transcript but a transcript of your tax account.

You can request either a tax return or a tax account transcript via the IRS (800-829-1040). The automated message will guide you through the process. Or, you can request your transcript by filing out and mailing this IRS form. Through either method, you can expect to receive your transcript anywhere from ten to thirty days from the time the IRS receives your information.

Exact Copies - $57 Per Year

If you are required to obtain an exact copy, or if you are past the three year margin allowed for transcripts, the IRS allows you to obtain exact copies of your past six years’ returns for a fee of $57.00 per year. You may request and obtain exact copies of your completed returns (with attachments) by filing out and mailing this form. Your payment will be addressed to the United States Treasury. It is wise to allow up to sixty days to receive exact copies of your returns.

It might be important to keep in mind that if a return has been jointly filed, either spouse may request transcripts or exact copies without the other spouse’s signature (even after divorce).