W2 Transcript

[Anonymous]

Hi,

Our mortgage loan is currently in underwriting and I've been asked about tax return transcripts. The problem is that, this is my first year filling taxes (2015 taxes) in the US and my spouse and children so not have SSN so they are getting ITIN. The ITIN process has been rather long and I'm still waiting on the ITIN for my wife.

The underwriter was unable to pull my tax transcript on Wednesday. So I went to the local IRS office this morning (Friday) and the officer told me that my tax return hasn't been processed at all since they wait for all dependants to have their ITIN/SSN before processing, so no tax transcript exist. Fine.

My underwriter came back to me and asked if I could get the W2 transcript instead. I called the IRS hotline, and the same process occured, except she said that a local IRS office would be able to pull out my W2 transcript even though my tax return hasn't been processed. I'm not sure why they would want the W2 transcript in the first place, they could just ask my employer, but anyway, that's the process.

My loan contingency ends today and the IRS office won't open until Monday.

Has anyone been able to pull out the W2 transcript from the IRS without having their tax processed yet ?

The web site to get online transcript doesn't work for me either.

Thanks !

[Anonymous]

Yes, you can obtain those forms w/o filing taxes. You'll need to contact the IRS and request the wage & income transcript for 2015. It'll also be wise to have them to print a 2015 non filing letter, so that you have proof that the return was not filed. Since you have never filed, you cannot pull it online. You can have them fax it to you or stop by your local office. 

That'll satisfy the underwriters request. However, I'm not sure if they'll require you to file your returns as a condition to close. Best of luck!

[Anonymous]

I actually did file my 2015 taxes, it's just sitting in a queue "to be processed once all ITINs have been obtained". But from the IRS officer point of view, it is as if they haven't received yet. Though I know they "did", since the tax return was in the same envelope as the required forms and documentations for ITIN and I got those back.

I will go to the local IRS office again on Monday, hopefully, everything will work out ok.

Thanks !

[Anonymous]

I see. Everything will work out ok. They'll be able to print the wage & income transcript for you and that will suffice. The wage & income transcript is the IRS's official W2 print out of your earnings for that particular year. 

[DallasLoanGuy]

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@Anonymous wrote:

  I'm not sure why they would want the W2 transcript in the first place, they could just ask my employer, but anyway, that's the process.

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just like tax returns. they want them from a verified/trusted 3rd party

[Anonymous]

It worked out. I even got the IRS officer to say "Those mortgage people..."

"just like tax returns. they want them from a verified/trusted 3rd party". That would make sense of they (the lenders) were the ones obtaining the transcript, but since I am the one obtaining it and sending it back to them, I see no added security measure.

[Anonymous]

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@Anonymous wrote:
It worked out. I even got the IRS officer to say "Those mortgage people..."

"just like tax returns. they want them from a verified/trusted 3rd party". That would make sense of they (the lenders) were the ones obtaining the transcript, but since I am the one obtaining it and sending it back to them, I see no added security measure.

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Glad it worked out for you.