Tax Transcripts

Tax Transcripts 4506-C (FORMERLY 4506-T)

**Please note, the IRS is changing the Tax Transcript form from 4506T to 4506C beginning February 2021. Advantage Credit is providing the new form on the side of this page.**

Determine a borrower’s income quickly and reliably.

Transcripts are used to verify the validity of a borrower’s income, by referencing tax returns filed with the Internal Revenue Service.

**NOTE From the IRS:
In an effort to better protect Taxpayers from identity theft and cyber criminals, the IRS has implemented a new redacted transcript format. This new format partially masks the personally identifiable information of everyone on the transcripts.

For more information Click Here. For more information about the new redacted Tax Transcript format, check out our FAQ Here.

Benefits

  • Turn-around is 5-6 business days (holidays, tax season, and year-end could cause delays)
  • Accept Electronically Signed 4506T with e-Signature audit trail certification documentation
  • 1040 Individual Income Tax Returns with or without W-2/1099
  • W-2 Wage Income Transcripts & 1099 All Wage and Income Transcripts
  • 1065 Partnership Income Tax Returns
  • 1120 Corporation Income Tax Returns
  • K-1 All Forms Income Transcripts
  • Low-cost method to determine a borrower’s income quickly
  • Streamline the loan approval process

Highlights

  • Obtain Transcripts directly from the IRS, to compare the documentation provided by the borrower with what was actually filed with the IRS
  • Fraud prevention tool
  • Perform Quality Control on funded loans
  • A convenient method to verify income information, for documentation which may have been misplaced or is unavailable to the borrower
  • 1040 information is reported to the IRS by the Taxpayer
  • W-2/1099 information is reported to the IRS by the Employer
  • For 1040, The 4506T needs to reflect the Taxpayer’s Tax Return Name & Filing Address(es) for the person and years being ordered
  • For W-2/1099, The 4506T needs to reflect the Taxpayer’s W-2/other Income Address(es) for the person and years being ordered

IRS Phone Numbers

  • IRS Customer Service 800-829-8374
  • IRS Identity Protection Security Unit 800-908-4490