You'd like to buckle down and do your income taxes. Really, you would. But you're missing one key form: last year's federal income tax return.
But wait? It will cost you $30 to get an actual copy? Really? Hey, that's a bargain because it used to be $50. But before you grumble about fees, realize it's possible — and makes more sense — to get what you need to do your taxes for free. It all depends on what form you file and what road you take.
The expensive way: The Internal Revenue Service has Form 4506 to request a copy of a tax return. Filing that form will cost you $30. Generally, you'd be able to get a copy of a return filed in the last seven years. You can have that return sent directly to you, or have it sent directly to a third party, such as a mortgage company.
The IRS notes on its 2024 form that there is a $30 fee for each form requested. And the IRS instructions highlight that it may take up to 75 days for the agency to process this request. No, it's not the best way to go usually just to do your taxes.
The free tax hack: Request a transcript by using Form 4506-T to get your hands on key personal information. For fast help, go online to www.irs.gov and click on "Get Your Tax Record."
The transcript won't look exactly like a tax return but it will do the job.
A tax return transcript will show most line items, including adjusted gross income or AGI from you original Form 1040, along with any forms and schedules. It helps to have the 2022 information when filing a 2023 return.
And again, it's free.
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How do you get a tax transcript?
To get a transcript online, you would need to create an online account with the IRS, if you don't already have one.
"The fastest and easiest way taxpayers can get last year’s information for filing this year is to open an online account," said Luis Garcia, a spokesperson for the IRS.
By using an online account at the IRS, Garcia said, tax filers can access their individual account information including balance, payments, and tax records.
Mark Steber, chief tax officer at Jackson Hewitt Tax Service, said there's a great value to being able to access your personal tax information online, including obtaining any necessary transcripts.
As part of the "Get Transcript" process when you go online, Steber recommends that you download the “record of account” transcript as it gives you the original return information and any changes made by the IRS or you if you filed an amended return or Form 1040X.
Steber noted if the tax filer goes through the online process, the transcript is immediately available. If needed, a tax professional can walk you through it but typically isn't able to retrieve your transcript.
Or if you used the same tax professional as last year, see if they have copy of your prior year return.
Do-it-yourselfers often can access the return for the previous year if they use the same tax software provider. You might be able to sign into your account with the same user name and password used to originally create that account. Then, you can go to a section for tax returns for the prior year. You can search online for how a specific tax software provider allows access to a prior year's return.
Two more options exist to get a transcript from the IRS, as well, if you are not able or do not wish to register for an online account at IRS.gov.
By mail: You can fill out Form 4506-T and mail it to the IRS. The IRS says the transcript can arrive in five to 10 calendar days. The IRS notes that to request a transcript by mail, you need your mailing address from your latest return.
The transcript would be mailed to the address the IRS has on file for you. Tax transcripts are only mailed to the taxpayer's address on record, not third parties.
By phone: The IRS notes that you can call 800-908-9946 for the IRS transcript order line. If you order a tax return or tax account transcript by phone, you'd receive the transcript by mail. Again, allow five to 10 calendar days from the time the IRS receives your request for your transcript to arrive.
A variety of tax transcripts exist, including a wage and income transcript, which shows information that the IRS receives directly from employers and others, such as W-2 forms, as well as 1098, 1099, and 5498 forms. So you can find other information, as well.
Michigan has an online tool to obtain a copy of a previously filed state income tax return. You will need your AGI number to request that copy. You'd supply your Social Security number, the primary filer's last name, the tax year, the adjusted gross income or total household resources and the filing status.
How do people lose their old tax returns?
Believe it or not, if you've lost your tax return for 2022, you're far from alone.
People move. Boxes filled with paper get lost. Some tax professionals retire and, sometimes, you're not sure what to do next.
April Walker, lead manager for Tax Practice & Ethics with the American Institute of CPAs, said tax filers who do not have a print copy of a tax return might run into issues if they are unable to get into their computer files. Maybe, their computer gets infected with a virus and the data is corrupt. Or maybe, the computer becomes nonoperational and they do not have a backup of the files.
Can you wing it and file without referencing last year's return?
Many times, no.
Often, you want to look at a copy of the prior year tax return to verify what you reported last year for your income, deductions and credits. What are the differences on your tax return between this year and last? Do some deductions apply this year, too?
"If the taxpayer has a side gig or other types of self-employment or rental property," Steber said, "the prior year return ensures correct continuation of depreciation and serves as a reminder for possible allowed deductions."
Walker said you want to review the prior year's return and compare it with what you're listing on the current return to spot any missing items — such as maybe a misplaced 1099 for an investment account or bank account.
Another important point: To file your current return electronically, you're going to need to know key figures from your prior year return, a process that is in place to skirt identity theft.
Another good tip: Walker says it's important to keep a paper copy of your return and documents associated with it in case the IRS or the state treasury requests further information or sends an adjustment.
Contactpersonal finance columnist Susan Tompor:stompor@freepress.com.Follow her on X (Twitter)@tompor.
