No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Anyone can order their 4506T from the IRS. I filled out the form and had my husband sign it. Then faxed it in to the IRS. Easy peasy. No fee involved. The report arrived in the mail 3-4 weeks later. I think that like credit reports, everyone should order one and see what is on theirs - at least once. Especially those of us who have income other than W2 wages.
IRS 4506T is the transcript for line by line items corresponding to 1040.
Not clear how is that relevant to this forum.
For most people, if tax return filed and refund received are identical what they filed for, I am not sure whether they would be interested in transcript.
Unless you're concerned about "issues" pulling your own 4506T probably doesn't do anything for you.
Lenders want to pull it as a verification of your tax status. With consumer tax prep software it's really easy to fake a tax return in order to provide a copy to a lender.
It is relevant to this forum because in the event of a financial review, American Express may ask for a 4506T. I have a complicated tax return so I wanted to see what they would see beforehand. Mortgage companies request 4506T. Many people do not know that there are several boxes on a 4506T ranging from basic tax return information all the way up to penalties and interest for failure to file. It is all part of the big picture.
I have not been FRd by any credit card company but I do know what is on my 4506T. I ordered the ultimate grand burrito supreme of reports.
Wouldn't you know what is on your tax transcript because you know what information you file with your tax returns? Perhaps I don't understand what is in a 4506T. I know what I put on my taxes, so I imagine I know what is on my tax transcript. What am I missing?
The transcript will show interest, penalties, late payments, etc. It will also show any assessments (for example from audits or corrections to your math). The only way I see this being a problem would be (as an example) if you gave the lender a copy of the return showing taxes paid on time but then didn't send the payment and paid later.
See the thread http://ficoforums.myfico.com/t5/Credit-Cards/Why-is-a-FR-so-bad/td-p/1765362/page/6 starting with message 53 to see why some consider this way too much info to give Amex.
What others. Has anyone ever had to provide a 4506T for a credit card to anyone other than American Express?
This thread says Citi requested one: http://ficoforums.myfico.com/t5/Credit-Cards/Discover-More-Approved-Citi-thank-you-4506t/m-p/1372447...
I'm frankly surprised that no one has FRed me. I'm retired. I don't think my SS payments would quite do the trick.