How to Complete IRS Form 4506-T

What is a IRS Form 4506-T?

An IRS form 4506-T simply allows the SBA to verify with the IRS that the forms you supply to prove your income match those in the possession of the IRS. The 4506-T form says:

“The IRS can provide a transcript that includes data from these information returns. State or local information is not included with the Form W-2 information.

The IRS may be able to provide this transcript information for up to 10 years. Information for the current year is generally not available until the year after it is filed with the IRS.”

How to complete the IRS Form 4506-T

These are the steps on completing the IRS Form 4506-T below.

1a) Taxpayer Name:
Make sure it is an exact match to the name they used when filing their taxes. No nicknames. For business returns, put exact Business names there

1b) Social Security Number:
Must contain the applicant’s full 9 digit SSN or the Business full 9 digit EIN

2a) May contain spouse name if needed. 2b) Spouse 9 digit SSN

3 and 4) Line 3 & 4 are vital to speedy processing. The IRS must be able to match at least one of the addresses to the borrower’s tax record. Please be sure that both lines 3 & 4 are completed and that line 3 has the most recent address that the borrower used to file their most recent tax return. If illegible, incomplete or incorrect the IRS will reject the form and a rejection fee of $6 will apply.

5) Line 5 on the form 4506‐T, there’s nothing to do here. U.S. Small Business Administration Office of Disaster Assistance is listed.

6) Transcript Requested:
Enter the tax form requested here (1040, 1120, 1120s, or 1065)

6c) The “Record of Account, which provides the most detailed information as it is a combination of the Return Transcript and the Account Transcript. Available for current year and 3 prior tax years. Most requests will be processed within 10 business days” is already checked.

8) Choose the applicable box if this pertains to you.

9) Year or Period Requested:
This has been previously completed by the SBA. The SBA will received the following tax years of tax transcripts.

Signature and Date

Make sure that the name you are ordering it under is the name of the person that signed. The signature must be recognizable and identifiable as relating to the taxpayer’s name (i.e., not a scribble signature without recognizable letters). Do not forget to have input the date. The date has to be less than 120 days old.