IRS transcripts not updated and holding up closing!

[Anonymous]

Here's what the IRS says about transcripts based on how you filed:

http://www.irs.gov/Individuals/Transcript-Availability

It seems like for a paper filing, your earliest *public* transcript availability date is June.

[mwv813]

DeliberateGuy wrote:

Here's what the IRS says about transcripts based on how you filed:

http://www.irs.gov/Individuals/Transcript-Availability

It seems like for a paper filing, your earliest *public* transcript availability date is June.

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Thanks.  When I was at the IRS office, the agent told me May 21 - which coincides with the electronic filing date mentioned at the link you provided.

I am going to call my LO this morning and see if we can make any progress with UW.  My CPA told me they previously contacted him to verify he prepared my returns and the information I provided them was indeed correct.  If they asked this info already, why do they need the official transcript forom the IRS?  This waiting in limbo sucks.  

We are living with a 95% packed house ready to move.  It's not fun.

[Anonymous]

Because that's user provided info. There is no guarantee that the IRS will accept it completely as-is. So only after the IRS processes your return and either accepts it as-is or modifies it with extra taxes you owe (or don't owe), can they accept that they know your true tax obligation.

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Thanks.  When I was at the IRS office, the agent told me May 21 - which coincides with the electronic filing date mentioned at the link you provided.

I am going to call my LO this morning and see if we can make any progress with UW.  My CPA told me they previously contacted him to verify he prepared my returns and the information I provided them was indeed correct.  If they asked this info already, why do they need the official transcript forom the IRS?  This waiting in limbo sucks.  

We are living with a 95% packed house ready to move.  It's not fun.

[mwv813]

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@Anonymous wrote:

Because that's user provided info. There is no guarantee that the IRS will accept it completely as-is. So only after the IRS processes your return and either accepts it as-is or modifies it with extra taxes you owe (or don't owe), can they accept that they know your true tax obligation.

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From what I understand - we just need to prove that I submitted the return and it was received by the IRS.  We can get by even if its not the full transcript.

[Anonymous]

I'd let your LO be the final voice on what they require.

In my case, the organization I'm working with is fine using my copy of my e-Filed 1040 for qualification, but the transcripts are required by the time a loan is ready for underwriting.

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@mwv813 wrote:

From what I understand - we just need to prove that I submitted the return and it was received by the IRS.  We can get by even if its not the full transcript.

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[Anonymous]

@MWV813- Any progress on the transcripts issue?

[mwv813]

My LO says my file has officially been placed on hold pending word from the IRS that they have received my return. This sucks.

My realtor is asking for a 3 week pushback of the closing from the sellers just in case. No word back from them yet.

[Anonymous]

My electronic return was accepted February 10th, I paid half of what I owe on April 15th, I just checked for a transcript online and it isn't available, so I don't know what they are considering "the end of May"

[CS800]

Since the IRS is still processing taxes, a lot fo transcripts are still not posted. The IRS is slow? newflash right?

What I did since I knew we were going for a mortgage is to handfile the return. I had the IRS lady stamp the front page of my returns and give me a copy. What I did with my lender is that I gace him the long form PDF that I filed and then a copy of the stamped front showing I filed and the date.

Lenders must expect this specially during the tax seasons.

[mwv813]

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@mwv813 wrote:
My LO says my file has officially been placed on hold pending word from the IRS that they have received my return. This sucks.

My realtor is asking for a 3 week pushback of the closing from the sellers just in case. No word back from them yet.

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The sellers agent is upset saying this will affect the closing on a purchase they are trying to make as well.  I wrote a letter to the sellers and offered  to reduce the $1000 sellers credit previously negotiated for.  We are told to expect a response tomorrow.  

Cross your fingers for me