What is a Copy Tax Return

There are two different copy tax return options that are available to you. The first is the tax return transcript and the next is the tax account transcript. You will want to ensure that you get the one that will meet your specific needs. While it is important to keep the originals, there are many things that can happen to these documents. This is why you have the option to get another copy of it if need be. Just remember to learn more about the copy tax return options that you have and choose the one that will be the most detailed for your needs.

The Tax Return Transcript

When you request a tax return transcript, you will find that it does not take very long to receive it at all. This is usually the fastest option for those that need to have their account information from their previous years’ tax returns. If you are looking for the basic information, including the lines that have the income information and tax information- then this may be all that you need. It is easy to request, free, and fast! Some people may need a more detailed statement of their taxes, and there is also an option for this type of copy tax return.

The Tax Account Transcript

When you are ordering a tax account transcript you are probably looking for the most detailed information possible. This is usually what is required when you are looking to get a home loan or something similar. They will want to be able to see the important details of your tax document. When your original just cannot be found, this will be a good way to provide them with the information that they are looking for. It not only includes the information from the lines on the tax return, but it also has all of your personal information. You will also find that it includes any penalties that you have been charged by the IRS as well as anything that has been paid out to them, or received by you from them. This will have essentially all of the information that you could possibly need out of a copy tax return.

Avoiding a Copy Tax Return

There is really a few ways that you can avoid having to order a copy tax return, which is something that takes up a lot of your time and effort. First of all, keeping up with the originals is a great plan. You can keep them in a locked safe for added protection and you will always know where they are. You can also keep them saved on your computer as a computer file. This will give you access to it when you are not able to get it from the safe. Backing up your documents, and having a couple copies is a great way to make sure that you always have a copy tax return if you need it. Just remember, any important document needs to be kept for at least five to six years.

Good Organization Habits Help Too

The next thing that you should consider is your organization habits. For instance, if you keep your documents from the previous years you will want to keep them in the same place. This will make it very easy for you to find them when the time comes. Look to keep them somewhere that is safe that will be protected in the event of theft or fire in your home. One great option is a fire proof safe that can hold your copy tax return.

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Posted by on Sep 14 2011. Filed under Copy Past Tax Return. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

123 Comments for “What is a Copy Tax Return”

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