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IRS 4506T - American Express and Others

Valued Member

IRS 4506T - American Express and Others

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.

http://ficoforums.myfico.com/t5/image/serverpage/image-id/2760iB9166C1A493A3CBC/
Message 1 of 12
11 REPLIES
New Contributor

Re: IRS 4506T - American Express and Others

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.

Message 2 of 12
Valued Contributor

Re: IRS 4506T - American Express and Others

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.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Message 3 of 12
Valued Member

Re: IRS 4506T - American Express and Others

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.

 

 

http://ficoforums.myfico.com/t5/image/serverpage/image-id/2760iB9166C1A493A3CBC/
Message 4 of 12
Senior Contributor

Re: IRS 4506T - American Express and Others

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?


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 5 of 12
Valued Contributor

Re: IRS 4506T - American Express and Others

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.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Message 6 of 12
Valued Contributor

Re: IRS 4506T - American Express and Others

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.

Message 7 of 12
Senior Contributor

Re: IRS 4506T - American Express and Others

What others.    Has anyone ever had to provide a 4506T for a credit card to anyone other than American Express?

Message 8 of 12
Senior Contributor

Re: IRS 4506T - American Express and Others

This thread says Citi requested one: http://ficoforums.myfico.com/t5/Credit-Cards/Discover-More-Approved-Citi-thank-you-4506t/m-p/1372447...


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 9 of 12
Highlighted
Valued Contributor

Re: IRS 4506T - American Express and Others

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.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 10 of 12