topic Re: Amex requesting Form 4506-T, Request for Transcript of Tax Return in Credit Card Applications

Amex requesting Form 4506-T, Request for Transcript of Tax Return

Anonymous — Sat, 13 Apr 2019 18:34:46 GMT

Hi guys,

Applied for Amex Blue Cash Everyday card and they asking for form 4560-T. I haven't filed taxes for last 3 years since I was traveling. Should I still send the form or should I cancel the application and apply after 90 days.

Re: Amex requesting Form 4506-T, Request for Transcript of Tax Return

coldfusion — Sat, 13 Apr 2019 19:56:40 GMT

If they're asking for it now they'll be asking for it if you reapply in 90 days.

AMEX normally does not take AA against existing accounts if you do not give approval to a 4506-T request but they also normally do not forget the request. Without your approval you are extremely unlikely to get CLIs or new tradelines with them now or moving forward.

Re: Amex requesting Form 4506-T, Request for Transcript of Tax Return

Loquat — Sat, 13 Apr 2019 21:37:04 GMT

You can't give them something you don't have. But like it was mentioned above, 90 days from now isn't going to change the fact that they want the requested info. I wish I had some better news for you OP but that's just how it seems to work with them.

Re: Amex requesting Form 4506-T, Request for Transcript of Tax Return

CreditInspired — Sun, 14 Apr 2019 00:04:18 GMT

@coldfusion wrote:
If they're asking for it now they'll be asking for it if you reapply in 90 days.

AMEX normally does not take AA against existing accounts if you do not give approval to a 4506-T request but they also normally do not forget the request. Without your approval you are extremely unlikely to get CLIs or new tradelines with them now or moving forward.

+100

Re: Amex requesting Form 4506-T, Request for Transcript of Tax Return

CreditInspired — Sun, 14 Apr 2019 00:08:09 GMT

@Anonymous wrote:

Hi guys,

Applied for Amex Blue Cash Everyday card and they asking for form 4560-T. I haven't filed taxes for last 3 years since I was traveling. Should I still send the form or should I cancel the application and apply after 90 days.

Once the form is not provided, I think the application is automatically canceled.

I wonder why they asked for it. How many AmX cards do you have? Are they high limits?

Re: Amex requesting Form 4506-T, Request for Transcript of Tax Return

Anonymous — Sun, 14 Apr 2019 06:09:02 GMT

I dont have any AMEX cards

Re: Amex requesting Form 4506-T, Request for Transcript of Tax Return

AverageJoesCredit — Sun, 14 Apr 2019 13:09:38 GMT

Did you apply while overseas?

Re: Amex requesting Form 4506-T, Request for Transcript of Tax Return

CreditCuriosity — Sun, 14 Apr 2019 13:12:09 GMT

So you havent had income in three years? Retired? Rental income, anything? They need to know you have the ability to repay and other systems they have access to probably queued them off of the amount of income you put in didn't match what they might have reasonable access to and that is probaby why they are asing for POI/4506-t

Re: Amex requesting Form 4506-T, Request for Transcript of Tax Return

McNugget — Sun, 14 Apr 2019 14:31:51 GMT

You might try countering with 2 months bank statements and pay stubs.

Re: Amex requesting Form 4506-T, Request for Transcript of Tax Return

MrCreditInternational — Sun, 14 Apr 2019 15:25:08 GMT

Call them and explain that, I think they'll accept a bank statement that shows income and/or savings.

Re: Amex requesting Form 4506-T, Request for Transcript of Tax Return

ridgebackpilot — Sun, 14 Apr 2019 17:27:45 GMT

@CreditCuriosity wrote:
So you havent had income in three years? Retired? Rental income, anything? They need to know you have the ability to repay and other systems they have access to probably queued them off of the amount of income you put in didn't match what they might have reasonable access to and that is probaby why they are asing for POI/4506-t

Americans living overseas ("expatriates") often don't owe any U.S. income taxes because they worked outside the United States for most of the year. When I was an expat, living in the UK but traveling literally all the time, there were several years in which I didn't pay any income taxes at all, because I didn't work in any country for long enough to be taxed!

However, expats do need to file taxes in each country where they work, even if they don't owe any taxes. So OP would have a tax return on file, showing no taxes owed. The tax laws and regulations for expats are so complex, most people use a professional international tax preparation firm like Price Waterhouse Coopers to ensure compliance.

The expat lifestyle isn't for everyone but it sure saves money on income taxes! It does make applying for credit cards difficult, however, because it can be hard to prove income...

Re: Amex requesting Form 4506-T, Request for Transcript of Tax Return

Anonymous — Sun, 14 Apr 2019 21:24:24 GMT

No i applied while i was at home

Re: Amex requesting Form 4506-T, Request for Transcript of Tax Return

TheConstant — Tue, 16 Apr 2019 02:51:01 GMT

@ridgebackpilot wrote:
@CreditCuriosity wrote:
So you havent had income in three years? Retired? Rental income, anything? They need to know you have the ability to repay and other systems they have access to probably queued them off of the amount of income you put in didn't match what they might have reasonable access to and that is probaby why they are asing for POI/4506-t
Americans living overseas ("expatriates") often don't owe any U.S. income taxes because they worked outside the United States for most of the year. When I was an expat, living in the UK but traveling literally all the time, there were several years in which I didn't pay any income taxes at all, because I didn't work in any country for long enough to be taxed!

However, expats do need to file taxes in each country where they work, even if they don't owe any taxes. So OP would have a tax return on file, showing no taxes owed. The tax laws and regulations for expats are so complex, most people use a professional international tax preparation firm like Price Waterhouse Coopers to ensure compliance.

The expat lifestyle isn't for everyone but it sure saves money on income taxes! It does make applying for credit cards difficult, however, because it can be hard to prove income...

I don't think that's right. Americans living abroad get a foreign tax credit up to the first $105,000 US dollars of income. Any dollar above that amount is taxable by both the foreign government, and the US government, even if earned entirely out of the US.