2013 Tax Return from IRS

[pattybear64]

I am getting ready to go to final underwriting, and I just found out from the IRS that even though my accountant efiled my 2013 tax return on February 25, 2014, that since I am not due a refund, it will not be processed until the middle of May!  Our closing is set for April 24, 2014.  I am self-employed and need the tax return.  Has that happened to anyone?  If so, how did you deal with it?  TIA

[ezdriver]

Either the closing is moved out or the lender grants an exemption.

[cmd0906]

Log into the IRS website to see if they're available. I was able to pull a copy so I'm hoping my lender can get it with the 4506 form. 

[pattybear64]

I did, but it says "N/A."  And when I called the IRS, they told me they process returns that are getting refunds first, and that if you owe, it won't be processed until mid May.  The loan officer told me she has to ask the underwriter what to do, that we might have to get an extension on closing.  So aggravating!  How do people close around this time?  You learn something new everyday, though!!  

[cmd0906]

We e-filed our taxes last month (with our CPA) and our payment came out of our account on April 1st so I sure hope what I pulled online (tax return transcript for mortgage purposes) means it's available. 

And yes you're right. If i had known about this I would have waited to build so my close date would be sometime in June. 

[crandlem52]

Can you use your 2011 and 2012 tax returns instead?  If not, contact the Taxpayer Advocate and they can help speed up the process.  

[mccallb]

I'm shocked anyone would approve you conditional on a tax refund.  Thats the opposite of having funds seasoned.  YOu were betting on having money in the bank hopefully by the time you closed?

Did the underwriter know this??

[pattybear64]

Not sure what you're talking about.  I said that since I am NOT due a tax refund, that the IRS does not process those returns not due a refund until mid May, and therefore, you can't retrieve them from the IRS until they are processed, which creates a problem if you need them for approval.   I didn't say anything about using a refund for my down payment.  

[beanie7132]

We owed $142.00 for 2013. Marched into the IRS office here, got a stamped return for the LO and paid the bill. 

3 weeks later the transcript was available. 

It may be due to us filing the first week of February...... 

If you have a copy of your return, see if your LO will accept it as stamped received from the local IRS office instead of transcript. In a pinch.....

[Peter1142]

The tax return is to prove your income for DTI and proof of employment, it is not about funds in the bank.