Transcript of Tax Return instead of W2?

bharding · Joined: 26 Sep 2005 Posts: 1

My fiancé is unable to locate her past w2's. While doing some searching I came across and IRS form to obtain a transcript of tax return. I read on a website that this can sometimes be used in place of w2's. Is this true? I am really afraid not being able to round up w2's will cost us to lose a house we really love.

Thanks.

m2c · Joined: 03 Aug 2005 Posts: 762

Back in the dark ages, we used a Verification of Employment form to directly confirm income with employer. These forms are still around and probably are the easiest way to go.

Not instanteous (takes a day or so with most employers) but neither is IRS. Also remember the tax transcript may show a LOWER income -- net of any 401K, etc.

chow · Posted: Mon Sep 26, 2005 2:45 pm Post subject:

Dark ages..... and then there is the current use of these forms for recovery of records, and investigations. If you're looking for the easy way to avoid digging through boxes, it will cost you time, and more money. :wink:

If the employer uses a payroll service, you can requests copies. (talk to your employer, youmay need to sign a release) Employers are required to retain copies of records for a few years, and can do a printout, along with a Verification of Employment-that may satisfy the lender.

Then there is the form from the IRS called 4506. If you have lost your records, you can use this form, and walk into your IRS federal office and get a copy, or have your lender request one-via email or snail mail.

Unless your records were burned, flooded or basically lost due to a natural or man made distaster, you will be charged for the transcripts.

There is also a form called an 8821, that used to go with the 4506. You may want to jog over to the IRS website and get both, and print copies, as everyone doing business with these forms will need an original signed copy. (Use any color of ink but- black to sign them)