Do You Owe IRS any Money?

With Halloween around the corner and leaves turning red, it’s time for autumn cleaning. It is also a good time to start with tax planning and being ready to pay the yearly dues in March. Before you start calculating what you owe for this year, be sure to check if you have any tax debt from previous years. If you are unaware of the amount or need help in collecting that information then the IRS form 4506-T is your friend. This form is used to procure transcripts of your taxes. As mentioned in our previous blogs, the form 4506-T is mainly used during loan applications; but its usage is not limited to loans. You can submit a properly filled 4506-Transcript to obtain information about any outstanding tax debts that you may have.
This information can be obtained by:

  • Calling the IRS directly at 800-829-1040, which is their call center. Once you
    provide the vital personal details like your name, SSN, date of birth etc., the
    representative can help you find the information you want. You can ask for
    details of up to ten years.
  • Asking for transcripts for the current year or for the past three years, by completing the IRS form 4506-T online. When ordering online, searchfor ‘Order Transcript’ in the search bar and select ‘Order a Transcript’. Provideyour personal information and select ‘Account Transcript’ and the years forwhich you want the information. Form 4506-t is a good means to get the information if you do not wish to connect directly with an IRS agent.
  • Asking for transcripts for the previous 10 years by filling and sending by mail, the form 4506-T. If you’re ordering the forms by mail, type ‘4506-T’ in the search bar and click ‘4506-T’.

While filling the form:

  • Provide your personal information on lines 1 – 5 and check the box on line 6b to order account transcripts and provide the specific years on line 9 (each form lets you list up to four tax years). Mail or fax your forms to the address or fax number provided on the form.
  • Note that any tax debt you have will be shown on the top of the transcripts. You will have to go through each transcript carefully, since one transcript only shows information for the associated year.
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