How to Request a Transcript or Copy of a Prior Year’s Tax Return

IRS Summertime Tax Tip 2016-11, July 27, 2016

You should always keep a copy of your tax return for your records. You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll need them if you have to amend a prior year’s tax return. You often need them when you apply for a loan to buy a home or to start a business. Or, you may need them to apply for student financial aid. If you can’t find your copies, the IRS can give you a transcript of the information you need, or a copy of your tax return.

Here’s how to get your federal tax return information from the IRS:

• Transcripts are free. You can get them for the current year and the past three years. In most cases, a transcript includes the tax information you need.
  
• A tax return transcript is a summary of the tax return that you filed. It also includes items from any accompanying forms and schedules that you filed. It doesn’t reflect any changes you or the IRS made after you filed your original return.
  
• A tax account transcript includes your marital status, the type of return you filed, your adjusted gross income and taxable income. It also includes any changes that you or the IRS made to your tax return after you filed it.
  
• The quickest way to get a copy of your tax transcript is to use the Get Transcript application. Once you verify your identity, you will be able to view and print your transcript immediately online. This Fact Sheet provides details on how to complete this step.
  
• If you're unable or prefer not to use Get Transcript Online, you may order a tax return transcript and/or a tax account transcript using the online tool Get Transcript by Mailor by calling 800-908-9946. Transcripts arrive at the address we have on file for you in five to 10 calendar days from the time IRS receives your request.
  
  
  • To order by phone, call 800-908-9946 and follow the prompts. You can also request your transcript using your smartphone with the IRS2Go mobile phone app.
    
  • Businesses that need a tax account transcript should use Form 4506-T, Request for Transcript of Tax Return.
    
• If you need a copy of your filed and processed tax return, it costs $50 for each tax year. You should complete Form 4506, Request for Copy of Tax Return, to make the request. Mail it to the IRS address listed on the form. Copies are generally available for the current year and past six years. You should allow 75 days for delivery.
  
• If you live in a federally declared disaster area, you can get a free copy of your tax return. Visit IRS.gov for more disaster relief information.

IRS Offers Tips to Help You Prepare for Hurricanes, Natural Disasters

IRS Special Edition Tax Tip 2016-12, July 26, 2016                                                    

With hurricane season underway, the IRS offers advice to those impacted by storms and other natural disasters. Here are some tips to help you prepare for such events:

• Use Electronic Records. You may have access to bank and other financial statements online. If so, your statements are already securely stored there. You can also keep an additional set of records electronically. One way is to scan tax records and insurance policies onto an electronic format. You may want to download important records to an external hard drive, USB flash drive or burn them onto CD or DVD. Be sure you keep duplicates of your records in a safe place. For example, store them in a waterproof container away from the originals. If a disaster strikes your home, it may also affect a wide area. If that happens, you may not be able to retrieve the records that are stored in that area.
  
• Document Valuables. Take photos or videos of the contents of your home or business. These visual records can help you prove the value of your lost items. They may help with insurance claims or casualty loss deductions on your tax return. You should also store these in a safe place. For example, you might store them with a friend or relative who lives out of the area.
  
• Count on the IRS for Help. If you fall victim to a disaster, know that the IRS stands ready to help. You can call the IRS disaster hotline at 866-562-5227 for special help with disaster-related tax issues.
  
• Get Copies of Prior Year Tax Records. If you need a copy of your tax return, you should fileForm 4506, Request for Copy of Tax Return. The usual fee per copy is $50. However, the IRS will waive this fee if you are a victim of a federally declared disaster. If you just need information that shows most line items from your tax return, you can request a free transcript. The quickest way to get a copy of your tax transcript is to use the Get Transcript application. You can also get it if you call 1-800-908-9946. Two other options are to file Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript, or Form 4506-T, Request for Transcript of Tax Return.

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Check Your Tax Withholding this Summer to Prevent a Tax-Time Surprise

IRS Summertime Tax Tip 2016-10, July 25, 2016                                  

Each year, many people get a larger refund than they expect. Some find they owe a lot more tax than they thought they would. If this has happened to you, review your situation to prevent a tax surprise. Did you marry? Have a child? Change in income? Life events can have a major impact on your taxes. Bring the taxes you pay closer to the amount you owe. Here are some tips to help you come up with a plan:

• New Job. When you start a new job, you must fill out a Form W-4, Employee's Withholding Allowance Certificate, and give it to your employer. Your employer will use the form to figure the amount of federal income tax to withhold from your pay. Use the IRS Withholding Calculator on IRS.gov to help you fill out the form. This tool is easy to use and it’s available 24/7.
• Estimated Tax. If you earn income that is not subject to withholding you may need to payestimated tax. This may include income such as self-employment, interest, dividends or rent. If you expect to owe $1,000 or more in tax, and meet other conditions, you may need to pay this tax. You normally pay it four times a year. Use the worksheet in Form 1040-ES, Estimated Tax for Individuals, to figure the tax.
• Life Events. Check to see if you need to change your Form W-4 or change the amount of estimated tax you pay when certain life events take place. A change in your marital status, the birth of a child or the purchase of a new home can change the amount of taxes you owe. In most cases, you can submit a new Form W–4 to your employer anytime.
• Changes in Circumstances. If you are receiving advance payments of the premium tax credit, it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace. You should also notify the Marketplace when you move out of the area covered by your current Marketplace plan. Advance payments of the premium tax credit help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.

For more see Publication 505, Tax Withholding and Estimated Tax. 

Miscellaneous Deductions Can Trim Taxes

IRS Summertime Tax Tip 2016-09, July 22, 2016                                            

Miscellaneous deductions may reduce your tax bill. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. Many taxpayers claim the standard deduction, but you might pay less tax if you itemize. Here are some IRS tax tips you should know about these deductions:

The Two Percent Limit. You can deduct most miscellaneous costs only if their sum is more than two percent of your adjusted gross income. These include expenses such as:

• Unreimbursed employee expenses.
• Job search costs for a new job in the same line of work.
• Tools for your job.
• Union dues.
• Work-related travel and transportation.
• The cost you paid to prepare your tax return. These fees include the cost you paid for tax preparation software. They also include any fee you paid for e-filing of your return.

Deductions Not Subject to the Limit. Some deductions are not subject to the two percent limit. They include

• Certain casualty and theft losses. In most cases, this rule is for damaged or stolen property you held for investment This may include property such as stocks, bonds and works of art.
• Gambling losses up to the total of your gambling winnings.
• Losses from Ponzi-type investment schemes.

You can’t deduct some expenses. For example, you can’t deduct personal living or family expenses. Claim allowable miscellaneous deductions on Schedule A, Itemized Deductions. For more about this topic see Publication 529, Miscellaneous Deductions. You can get it on IRS.gov/forms at any time.

Premium Tax Credit: Claiming the Credit and Reconciling Advance Credit Payments

• Reporting Changes in Circumstances
• Filing a Federal Tax Return to Claim and Reconcile the Credit
• Failing to file your tax return may prevent future advance credit payments

When you apply for assistance to help pay the premiums for health coverage through the Marketplace, the Marketplace will estimate the amount of the premium tax credit that you may be able to claim for the tax year using information you provide about your family composition, your projected household income, whether those that you are enrolling are eligible for other non-Marketplace coverage, and certain other information.

Based on the estimate from the Marketplace, you can choose to have all, some, or none of your estimated credit paid in advance directly to your insurance company on your behalf to lower what you pay out-of-pocket for your monthly premiums. These payments are called advance payments of the premium tax credit or advance credit payments. If you do not get advance credit payments, you will be responsible for paying the full monthly premium.

If you received the benefit of advance credit payments, you must file a tax return to reconcile the amount of advance credit payments made on your behalf with the amount of your actual premium tax credit. You must file an income tax return for this purpose even if you are otherwise not required to file a return.

If you choose not to get advance credit payments, you can claim the full benefit of the premium tax credit that you are allowed when you file your tax return. This will increase your refund or lower the amount of tax that you would otherwise owe.

Reporting Changes in Circumstances 

If you purchased health insurance coverage through the Marketplace and get assistance in paying premiums through advance credit payments made on your behalf, it is important to report life changes to the Marketplace throughout the year.  

Reporting these changes promptly will help you get the proper type and amount of financial assistance. Reporting changes also will help you avoid large differences between the advance credit payments made on your behalf and the amount of the premium tax credit you are allowed when you file your tax return, which may affect your refund or balance due when you file your tax return.

Changes in circumstances that can affect the amount of your actual premium tax credit include:

• Increases or decreases in your household income including lump sum payments like a lump sum payment of Social Security benefits
• Marriage
• Divorce
• Birth or adoption of a child
• Other changes affecting the composition of your tax family
• Gaining or losing eligibility for government sponsored or employer sponsored health care coverage
• Moving to a different address

For the full list of changes you should report, visit HealthCare.gov.

To estimate the effect that changes in your circumstances may have upon the amount of premium tax credit that you can claim - see this change in circumstances estimator. 

Filing a Federal Tax Return to Claim and Reconcile the Credit 

If you received the benefit of advance credit payments, you must file a tax return and use a Form 8962, Premium Tax Credit (PTC)  to reconcile the amount of advance credit payments made on your behalf with the amount of your actual premium tax credit. You must file an income tax return for this purpose even if you are otherwise not required to file a return.

You must file a federal income tax return and attach Form 8962, Premium Tax Credit (PTC) to the return if:

• Advance credit payments were paid to your health insurer for you or another individual in your tax family
• Advance credit payments  were paid for an individual, including you, for whom you told the Marketplace you would claim a personal exemption and no one, including you, claims a personal exemption for that individual
• You choose to claim the premium tax credit

For Information about how to fill out this form, see the instructions for Form 8962. See Publication 974 for additional instructions for taxpayers in special situations.

If the premium tax credit computed on your return is more than the advance credit payments made on your behalf during the year, the difference will increase your refund or lower the amount of tax you owe. This will be reported in the ‘Payments’ section of Form 1040.

If the advance credit payments are more than the amount of the premium tax credit you are allowed, you will add all or a portion of the excess advance credit payments made on your behalf to your tax liability by entering it in the ‘Tax and Credits’ section of your tax return. This will result in either a smaller refund or a larger balance due. 

The amount of your excess advance credit payments that you are required to repay may be limited based on your household income and filing status. If your household income is 400 percent or more of the applicable federal poverty line, you will have to repay all of the advance credit payments. The repayment limits are listed in the table below.

Repayment Limitation Table for 2015
Household Income Percentage of Federal Poverty Line	Limitation Amount for Single	Limitation Amount for all other filing statuses
Less than 200%	$300	$600
At least 200%, but less than 300%	$750	$1,500
At least 300%, but less than 400%	$1,250	$2,500
400% or more	No limit	No limit

If your filing status is Married Filing Separately, the repayment limitation above applies to both spouses separately based on the household income reported on each return.

The Marketplace will send you, by January 31 of the year following the year of coverage, a Health Insurance Marketplace statement, Form 1095-A This form shows the amount of the premiums for the health care plan or plans you and your family members enrolled in and certain other information you will need to compute your premium tax credit. Form 1095-A also reports any advance credit payments made on your behalf. You use this information to compute your premium tax credit and to compare any advance credit payments made on your behalf with the amount of your actual premium tax credit. For more information about Form 1095-A see Health Insurance Marketplace Statements.

If you also receive Form 1095-B or 1095-C, which are unrelated to the Marketplace, see ourquestions and answers for information about how these forms affect your tax return.

Whether you are reconciling advance credit payments with the credit you are allowed, or are claiming the credit, you should consider e-filing your tax return, because using tax preparation software is the best way to file a complete and accurate tax return.

For the 2014 taxable year, the IRS provided penalty relief from the failure to pay penalty and the under-payment of the estimated tax penalty under certain circumstances.

Corrected, Incorrect or Voided Forms 1095-A for Tax Years 2014 and 2015

Some taxpayers may receive a corrected or voided Form 1095-A because the information on the initial form was incorrect or incomplete. For more information on what you need to do with a corrected or voided Form 1095-A, see Corrected, Incorrect or Voided Forms 1095-A for Tax Years 2014 and 2015. This information can help you assess whether you should file an amended tax return.

Failing to file your tax return may prevent future advance credit payments 

If you choose to get the benefit of advance credit payments, you must file your tax return as soon as possible to ensure you can get advance credit payments made on your behalf from your Marketplace in future years. If you miss the April filing deadline or receive an extension to file until October, you should file your return as soon as possible. You should not wait to file. File as soon as possible to reconcile any advance credit payments made on your behalf and to maintain your eligibility for future premium assistance.

If advance credit payments are made on behalf of you or an individual in your family, and you do not file a tax return, you will not be eligible for advance credit payments or cost-sharing reductions to help pay for your Marketplace health insurance coverage in future years. This means you will be responsible for the full cost of your monthly premiums and all covered services. In addition, we may contact you to pay back some or all of the advance credit payments that are made on behalf of you or an individual in your family.

If advance credit payments were made on behalf of you or an individual in your family, and you did not file a tax return to reconcile those payments, you will not be eligible for advance credit payments or cost-sharing reductions to help pay for your Marketplace health insurance coverage the next year.

Owe Taxes? These Tips Can Help

IRS Summertime Tax Tip 2016-03, July 8, 2016

The IRS offers many safe and easy ways to pay your taxes. These tips explain many of them:

• Mailed tax bills. The IRS sends bills in the U. S. mail. Try to pay soon and in full to avoid any extra charges. If you can’t pay in full, you’ll save if you pay as much as you can. The more you can pay the less interest and penalties you will owe for late payment. The IRS offers severalpayment options on IRS.gov.
  
• Use IRS Direct Pay. The best way to pay your taxes is with IRS Direct Pay. It’s the safe, easy and free way to pay from your checking or savings account. You can pay your tax in just five simple steps in one online session. Just click on the “Payment” tab on IRS.gov. You can now use Direct Pay with the IRS2Go mobile app.
  
• Get a short-term payment plan. If you owe more tax than you can pay, you may qualify for more time- up to 120 days- to pay in full. You do not have to pay a user fee to set up a short-termfull payment agreement. However, the IRS will charge interest and penalties until you pay in full. It’s easy to apply online at IRS.gov. If you have questions about a bill from the IRS, you may call the phone number listed on it.
  
• Apply for an installment agreement. Most people who need more time to pay can apply for anOnline Payment Agreement on IRS.gov. A direct debit payment plan is the hassle-free way to pay. The setup fee is much less than other plans and you won’t miss a payment. If you can’t apply online, or prefer to do so in writing, use Form 9465, Installment Agreement Request. Individuals can use Direct Pay to make their installment payments. For more about payment plan options, visit IRS.gov.
  
• Check out an offer in compromise. An offer in compromise or OIC may let you settle your tax debt for less than the full amount you owe. An OIC may also be helpful if full payment may cause you financial hardship. Not everyone qualifies, however, so make sure you explore all other ways to pay your tax before you submit one to the IRS. Use the OIC Pre-Qualifier tool to see if you qualify.
  
• Avoid tax surprises. If you are an employee, you can avoid a tax bill by having more taxes withheld from your pay. To do this, file a new Form W-4, Employee’s Withholding Allowance Certificate, with your employer. Use the IRS Withholding Calculator tool on IRS.gov to see if you’re having the right amount withheld. If you are self-employed, you may need to make or change your estimated tax payments. See Form 1040-ES, Estimated Tax for Individuals to learn more.

To find out more see Publication 594, The IRS Collection Process.

IRS Offers Tips on Filing an Amended Tax Return

IRS Summertime Tax Tip 2016-02, July 6, 2016

You may discover you made a mistake on your tax return. You can file an amended return if you need to fix an error. You can also amend your tax return to claim a tax credit or deduction. Here are 10 tips from the IRS on amending your return:

1. When to amend. You should amend your tax return if you need to correct filing status, the number of dependents or total income. You should also amend your return to claim tax deductions or tax credits that you did not claim when you filed your original return. The instructions for Form 1040X, Amended U.S. Individual Income Tax Return, list more reasons to amend a return.
   
2. When NOT to amend. In some cases, you don’t need to amend your tax return. The IRS will make corrections, such as math errors, for you. If you didn’t include a required form or schedule, for example, the IRS will mail you a notice about the missing item.
   
3. Form 1040X.  Use Form 1040X to amend a federal income tax return that you filed before. You must file it by paper; you cannot file it electronically. Make sure you check the box at the top of the form that shows which year you are amending. Form 1040X has three columns. Column A shows amounts from the original return. Column B shows the net increase or decrease for the amounts you are changing. Column C shows the corrected amounts. You should explain what you are changing and the reasons why on the back of the form.
   
4. More than one tax year.  If you file an amended return for more than one year, use a separate 1040X for each tax year. Mail them in separate envelopes to the IRS. See "Where to File" in theinstructions for Form 1040X for the address you should use.
   
5. Other forms or schedules. If your changes have to do with other tax forms or schedules, make sure you attach them to Form 1040X when you file the form. If you don’t, this will cause a delay in processing.
   
6. Amending to claim an additional refund. If you are waiting for a refund from your original tax return, don’t file your amended return until after you receive the refund. You may cash the refund check from your original return. Amended returns take up to 16 weeks to process. You will receive any additional refund you are owed.
   
7. Amending to pay additional tax. If you’re filing an amended tax return because you owe more tax, you should file Form 1040X and pay the tax as soon as possible. This will limit interest and penalty charges.
   
8. Reconciling the Premium Tax Credit. You may also want to file an amended return if:
   
   • You filed and incorrectly claimed a premium tax credit, or
   • If you received a corrected or voided Form 1095-A. For more information, see Corrected, Incorrect or Voided Forms 1095-A for Tax Years 2014 and 2015.
9. When to file. To claim a refund file Form 1040X no more than three years from the date you filed your original tax return. You can also file it no more than two years from the date you paid the tax, if that date is later than the three-year rule.
   
10. Track your return. You can track the status of your amended tax return three weeks after you file with “Where’s My Amended Return?” This tool is available on IRS.gov or by phone at 866-464-2050.

You can get Form 1040X on IRS.gov/forms at any time.