How to Get Old Tax Returns (They Don’t Want You to Know This)
by Susmita Sen Finance 14 August 2024
Are you also wondering how to get old tax returns? This article answers that question for you! Retrieving old tax returns is important for various reasons. It may be verifying income, applying for a mortgage, or preparing an audit.
If you are stuck with choosing tax forms or how to get a copy of tax return, read on. The following sections will enlighten you with all the necessary information on tax management!
This guide will illustrate the steps that can help you retrieve the old returns – offline and online. Read on about the process and how long you should keep the old tax returns!
Why Do I Need Old Tax Returns?
Something that small business tax preparation checklist often repeats is you should keep records of tax filing. So, before looking at how to get old tax returns, let’s look at the why. Here we go:
- Tax audits: Tax audits require old tax return records to simplify the process of being audited. The IRS usually conducts these audits and having the old tax returns will only help you.
- Verification: Many verification processes by government or private banks require old tax returns to verify your income. This is especially true when applying for a loan or mortgage.
- Lenders want to verify if the receiver can repay the loan through past tax returns.
- Personal records: Keeping personal records of your old tax returns is a good habit. This helps you keep track of your financial history and identify any anomalies.
- Filing amendments: You may be required to amend your previous year’s return for whatever reason. This requires access to your original return.
How to Get An Old Tax Return for Free?
Is that possible, you may wonder? It is an official process; can there be no fee for this? The answer is Yes! One of the easiest ways to get old tax returns is by contacting the IRS. This is how you do it for free:
Phone Request
You can call the IRS at their number and request a tax return transcript. The IRS can then mail it to your address on record.
For individual tax returns – call 1-800-829-1040 between 7 AM – 7 PM, Monday through Friday, local time.
For business tax returns – call 1-800-829-4933 between 7 AM – 7 PM, Monday through Friday, local time
Online Requests Via the IRS Website
Visit the IRS website and use their “Get Transcript Online” option/tool. This requires you to create an account or log in to your existing one. You can get immediate access to your old tax returns for four years – current + past three.
Alternatively, you can get your transcripts by mail. If you prefer receiving it through mail, you can choose their “Get Transcript by Mail” tool instead. This enables you to get the transcript for the same duration (current + past three years.).
You will receive the documents by mail to your address (record) within 5-10 business days of the request.
How To Get Copies of Old Tax Returns?
When involved in corporate tax planning, it is easy to miss out on collecting old tax return documents. This becomes especially embarrassing when you need a full copy of the tax return. Obtain it from the IRS or other methods as below:
IRS Request
You must submit a complete Form 4506, Request for Copy of Tax Return, to the IRS. You may have to pay $43 for each requested tax return.
The advantage of this option is that you can get the documents for this year AND six previous years! However, this takes longer (duh!) – you may receive the documents within 75 calendar days from the date of request.
Tax Software
You may easily retrieve your return if you go the smart way of filing your taxes using tools such as TurboTax. (brownie points for you to use the small business tax preparation checklist!)
Go to the tax preparation software’s website, log in to your account, and look for the option to download the previous returns.
If an Accountant Filed Your Return…
If you are taking care of high income tax planning, you will need the assistance of a professional. If you get the help of a professional, chances are they will keep copies of your returns. Somewhat like your own directory! Contact them to obtain copies of your old tax returns.
How to Get A Copy of A Tax Return?
If you were unable to receive your tax returns through the above methods. The other ways to answer how to get old tax returns are as follows:
IRS Office
Visiting the local IRS office will prove helpful in such cases. You can go and request copies of your tax returns. You must carry your government ID and other relevant information that can help the IRS locate your records.
This is one of the easiest ways to answer how to get old tax returns.
Through Mail
This is one of the classiest ways for how to get old tax returns. Return to the old ways of writing a letter to the IRS requesting a copy of your tax returns. Make sure to include:
- Social security number
- Name
- Year (s) of the tax return you need
Send the request to the appropriate IRS address present on their website. This method may take longer, and you still must pay a fee.
Old Tax Returns: How Long to Keep?
We usually wonder how long the validity of our documents is – especially the ones related to taxes – so, here’s answering, old tax returns and how long to keep. If you plan to avoid all the hassle and start preserving your documents, here’s how you can do that:
IRS guidelines
As per the guidelines, you can keep other supporting documents for at least three years. That is, from the date of filing the original tax return. This is owing to IRS’ audit guidelines, which typically require three years from filing to audit your return.
If you file a claim for a refund, keep the records and returns for three years from that date or two years from the date you make the tax payment. Whichever is later.
However, if you omit more than 25% of the gross income, the IRS can audit up to six years of your return. In that case, keeping at least six years of your records is wise.
Lastly, if there is a fraudulent or no return, there are no limitations. You can keep the records indefinitely.
State Tax Returns
State tax agencies can have a separate requirement. Thus, checking your state tax department for specific guidelines on retaining records is wise.
How To Get Online And Offline Transcripts?
If you were wondering how to get old tax return transcripts, both online and offline. Here are the ways to proceed:
Online Method
- When you visit their website IRS can provide you with an online transcript of the old returns. Just click on the Get transcript online option, and you will get it after verifying your identity.
Prepare for security questions such as your Social Security number, address of a recent tax return, and filing status.
- Once verification is over, you can view, print, and/or download the tax return transcript.
- Tax software can help you get the transcripts after you log into the account and navigate to the storage section containing old tax returns.
There’s a high chance you can easily download or print the past returns directly.
- Third-party companies allow you to retrieve copies of your old tax returns by charging a fee. These are convenient as you do not have to get into the hassle.
Offline Methods
You can receive it through offline methods as follows:
- Request by mail by completing Form 4506-T. Follow the steps mentioned above and write an email to the IRS with the necessary details. They will soon send you the transcripts.
- Request a transcript of your old tax returns by phone – call either of the two numbers provided above.
- Visit the local IRS office to request it in person. The procedure remains the same as above.
Useful Tips On How to Get Old Tax Returns
- Practice digital record keeping, which will help you avoid sending requests and mail. Scan the documents and store them in cloud storage.
- Create a systematic way of storing your digital tax records. Label files by the year and type of tax return.
- Protect your documents from unauthorized access by using strong passwords. Do not share any information through unsecured methods.
- Dispose of old records safely by shredding them. It will help against identity theft.
Conclusion
And that’s how to get old tax returns! You may have to pay a minimal fee through some methods and not pay a single penny through others. Follow these steps to get your documents and complete your business safely.
Share the article with your colleagues and family as the filing season nears!
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