topic Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them in General Credit Topics

IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

gen-specific — Thu, 07 Aug 2014 04:09:03 GMT

Last I checked this data was going to become available in August

When you do a CLI with AMEX resulting in over $35,000 limit ($25,000 if you ask people on the internet), there is a high chance they will request an IRS 4056-T to see the last 2 year's salary and tax information about you, but this form doesn't include the most recent tax filing done before the tax deadline that year.... until some point in time.

That point in time seems to be August or late August early september.

For someone with a rising salary, having the last 2 years sent over which reflects data from 3 years ago, doesn't give me the best chances at "appropriating these massive credit resources", for lack of better term

So ideally, they get the stuff I sent over in 2014 and 2013, instead of 2013 and 2012, since this'll make a 3x CLI more likely

can't wait, its a soft pull after all!

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

Revelate — Thu, 07 Aug 2014 04:39:25 GMT

If you do find out the specific time (though that may be fungible due to IRS backlog too) I'd be interested in knowing!

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

gen-specific — Sun, 10 Aug 2014 20:28:31 GMT

@Revelate wrote:
If you do find out the specific time (though that may be fungible due to IRS backlog too) I'd be interested in knowing!

Okay, will do, I'm going to wait till September though (unless I get tempted and decide "hey being on hold for 20 minutes is exactly how I want to spend my Sunday afternoon")

I've been using AMEX's generous policy and soft pull to create leading proof that institutions will lend me this much, so that other institutions will match or exceed that credit line when I ask for hard pulls

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

gen-specific — Mon, 18 Aug 2014 04:54:31 GMT

I called AMEX and the low level rep didn't have any useful information... he talked to the credit limit increase department (wouldn't let me talk to them) and got a vague response

and he suggested to me that it won't appear till after next year's income tax date. as if there was a one year delay

so that's not true, and I'll just wait till September and do my 3x CLI attempt then (this would be from a $30,000 credit limit to $90,000). If I get pinged for transcripts from AMEX then I'll send it, if the right information isn't there to make me seem more credit worthy then there is no loss (its a soft pull) and I'll have to wait 6 months, at which point it will be around 2015's income tax date anyway

Or the amount is just too high to request from AMEX and I'll just drop the idea. Its more of a vanity limit.. I'm not trying to "lower my utilization" or anything (it would coax other institutions to increase my other limits that high too though)

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

Anonymous — Mon, 18 Aug 2014 12:22:39 GMT

So out of curiosity...what happenes if you get asked for the tax returns and you decide not to send them? do they close your cards? or do you keep your current credit line?

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

gen-specific — Mon, 18 Aug 2014 13:26:03 GMT

@Anonymous wrote:
So out of curiosity...what happenes if you get asked for the tax returns and you decide not to send them? do they close your cards? or do you keep your current credit line?

They don't process the CLI that's all.

And you maybe need to wait another 6 months before trying again.

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

CreditDunce — Mon, 18 Aug 2014 18:08:43 GMT

I think when your tax returns are available depends on when your filed your tax return. If you are really interested, you could request your own tax return to see if your current year return is available:

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

EDIT:

According to the IRS, it takes about 3 weeks after you electronically file your return before the transcript is available. Or 6 weeks for paper filing.

I also do not know if American Express requests the most current 2 year returns or request certain years for everybody. I assume it would be the most current 2 years.

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

gen-specific — Tue, 19 Aug 2014 00:20:50 GMT

@CreditDunce wrote:
I think when your tax returns are available depends on when your filed your tax return. If you are really interested, you could request your own tax return to see if your current year return is available:

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

EDIT:
According to the IRS, it takes about 3 weeks after you electronically file your return before the transcript is available. Or 6 weeks for paper filing.

I also do not know if American Express requests the most current 2 year returns or request certain years for everybody. I assume it would be the most current 2 years.

Yes, I am able to see the information about the stuff I filed this year from that link

AMEX suggests that if they get information from a 4506-T they won't get that same information

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

takeshi74 — Tue, 19 Aug 2014 13:12:44 GMT

@Anonymous wrote:
So out of curiosity...what happenes if you get asked for the tax returns and you decide not to send them? do they close your cards? or do you keep your current credit line?

Depends on the situation. For a CLI the CLI is not granted if the 4506-T is not returned and that's it. For a financial review accounts are frozen whether or not one returns the 4506-T.

@CreditDunce wrote:
I think when your tax returns are available depends on when your filed your tax return.

AmEx instructions included with a 4506-T indicate that the most recent return is not avaialble/accepted (don't recall their exact wording) until around August of the following year (i.e. August 2014 for 2013 transcripts). They may be available but AmEx is VERY picky about those not following their 4506-T directions to the letter.

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

gen-specific — Tue, 09 Sep 2014 05:00:49 GMT

@takeshi74 wrote:
@Anonymous wrote:
So out of curiosity...what happenes if you get asked for the tax returns and you decide not to send them? do they close your cards? or do you keep your current credit line?
Depends on the situation. For a CLI the CLI is not granted if the 4506-T is not returned and that's it. For a financial review accounts are frozen whether or not one returns the 4506-T.

@CreditDunce wrote:
I think when your tax returns are available depends on when your filed your tax return.
AmEx instructions included with a 4506-T indicate that the most recent return is not avaialble/accepted (don't recall their exact wording) until around August of the following year (i.e. August 2014 for 2013 transcripts). They may be available but AmEx is VERY picky about those not following their 4506-T directions to the letter.

Yes I went ahead with this, AMEX's form indicated that August 1st of this year, gets the tax filings you did this year (ie. after Augiest 1st, 2014 you can get tax information up till 12/31/2013 sent over)

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

takeshi74 — Tue, 09 Sep 2014 12:19:59 GMT

Just picking nits but it would help to use the year that the tax return applies to versus the year filed since that's how people refer to them. I.e. the return you filed in 2014 is your 2013 return.

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

gen-specific — Tue, 09 Sep 2014 13:21:13 GMT

@takeshi74 wrote:
Just picking nits but it would help to use the year that the tax return applies to versus the year filed since that's how people refer to them. I.e. the return you filed in 2014 is your 2013 return.

thanks its confusing for me to figure out a general way to refer to them too

before I got the form in the mail, I had called people at AMEX several times trying to understand this, and most people there - on customer service or whatever redundant department they forwarded to - didn't know about the form

the department that did know about the form didn't know when the current year or whatever would be available

so its funny that AMEX's auto document says it plainly

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

gen-specific — Fri, 10 Oct 2014 03:12:26 GMT

this process takes foreverrrrrr!

Anyone want to cheer me up while I wait for AMEX to get a response from the IRS and then give a response to me? I'm supposed to call them back in the middle of October if I haven't heard anything, so basically another week

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

takeshi74 — Fri, 10 Oct 2014 14:12:33 GMT

@gen-specific wrote:
this process takes foreverrrrrr!

It was pretty quick for me but I wasn't waiting for 2013.

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

gen-specific — Sat, 11 Oct 2014 00:17:31 GMT

I called early september (soon after starting this thread) for the CLI, got the 'request for more information' from their system (was talking to a human though)

they then snail mailed me a form, which I then faxed, I called and they sent it out to the IRS on September 15th, so thats in the mail, and then another 3 weeks they suppose for the IRS to respond

that puts us in the middle of October.

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

gen-specific — Tue, 14 Oct 2014 13:10:55 GMT

bah! declined! they didn't even offer me an alternate CLI

so I'm doing a recon, but thats over, booo how suspenseful and anticlimatic

alright so AMEX credit limit increase is out of the picture. I wonder if I'm at a max with other institutions.

Re: IRS 4056-T 's reporting tax filings done in 2014 yet? AMEX needs them

gen-specific — Sat, 18 Oct 2014 21:05:42 GMT

recon failed.

They also were using a credit report from July. My credit score is like 60 points higher from then, but oh well. Makes me want to apply for something else but I'm done with retail credit cards, I have awesome limits, the game has been fun!