Your tax returns provide us with information about your income and the source of income, income producing assets, and your investments, as well as whether you over or under withhold taxes from your paycheck. This information enables us to provide better advice in regard to division of assets and payment of support. Review of your tax returns is an integral part of your family law case; the attorneys at Hess Family Law ask that you provide us with your past tax returns. How many years of returns will depend on the issues in your case, but almost always we want at a minimum the past three years.
We can obtain copies of tax returns through the court discovery process if you do not have them. Other ways of obtaining copies of your tax return may include asking your tax preparer to provide copies, or obtaining copies from the IRS. To obtain a copy of your previously filed and processed tax return with all attachments, including Form W-2, you should complete Form 4506, Request for Copy of Tax Return, along with a $50.00 fee for each tax return requested. You have to allow 75 calendar days for the IRS to process your request. Tax Returns are generally available for returns filed for the current and past six years. On jointly filed tax returns, either spouse may request a copy and only one signature is required.
Oftentimes we don’t want to wait 75 days for the tax return to arrive, and/or it is cost prohibitive to pay $50 per tax return. The solution may be to order a Tax Return Transcript instead of the actual Tax Return using Form 4506-T. You can request your tax return transcript online directly from the IRS rather than making a request by mail. For a short time the IRS allowed individuals to obtain immediate transcripts of prior tax returns, by online download. However, due to security measures the ability to download a copy of your tax transcript has been suspected. It should take between 5 and 10 days to receive your tax transcript through the mail. Click here to learn how to obtain your tax transcript.