ALL YOU NEED TO KNOW ABOUT OLD TAX RETURNS

Did you file it and forget about it? People don't realize they have to file past year's returns until they are in serious financial trouble. Whether you were audited or need it to obtain a special financial loan or government benefits, it's important to know how to get old tax returns. You may require proof of income to prove your income. Knowing how to obtain copies of old tax returns will be helpful at various points in your life.

We have good news for you if you are looking for transcripts of past-due tax returns. You can get them directly from IRS. What’s more, the IRS allows you to obtain tax information without charging a dime.

You can also access previous tax returns for the three most recent years if you have completed your taxes with H&R Block. But, in this blog, we will focus on how you can get a copy of old tax returns from the IRS.

Step 1: Download The Form 4506

You can only obtain copies of your tax returns by filing Form 4506 to the IRS. This form can be downloaded from the IRS website without any hassle whatsoever.

Step 2: Fill In The Required Data

On line 1, enter your name and Social Security Number. If you have filed a joint tax for the year you are asking for copies, you will need to provide the name and Social Security number of your spouse on line 2.

Step 3: Enter Your Address

On line 3, enter your current address. Mention your previous address on line 4. You can fill out line 5 with the name, address, and the number of a third party to have your tax return sent directly, such as a bank that is reviewing your mortgage application. If you leave line 5 empty, the IRS will mail you your tax return at your current address.

Step 4: Enter Form Used

On line 6, enter the form that you used to file your federal tax return. If you're requesting a personal tax return, most likely, you used Form 1040, 1040SR, 1040A, or 1040EZ. On line 7, you must also indicate the tax years for which you are asking for copies. If you want to request your 2017 tax returns, please enter "12/31/2018" instead of just mentioning "2018".

Step 5: Sign And Mail

Send the completed form to the correct IRS address. On page 2, you must mail your request to the address you used to live at the time you filed the original return. Ensure that you include full payment before mailing your request. Otherwise, the IRS won't process it.

Key information

Many people throw papers immediately after filing past-due tax returns. It can be dangerous. More so, if you happen to do that without tearing the papers apart. We would suggest to throw your paper returns but keep digital copies for future reference. It is pertinent to mention that you must keep your papers of old tax returns for 2-3 years before dumping them. The reason being, in case IRS proceeds with the audit, you should have these documents to get you out of the trouble.

Concluding Remarks

The IRS destroys most tax returns after seven years. This is required by law. Though the IRS will attempt to locate your old tax returns, there is no guarantee that they will successfully find them and get back to you. In simple words, you may not be able to fetch the copy of old tex returns after 7 years of filing. The IRS will charge a fee for each tax return requested. You must also include payment when you mail the 4506 form.