Refinancing, they need a copy of my taxes..what do I give?

We are refinancing our home mortgage. We are putting our regular mortgage together with a home equity to have one payment. We have all the loan paper work ready, but what do they actually want when they say "we need a copy of 2005 and 2006's taxes" I looked, last year I did turbo tax...I have ATON of papers in my folder..the year before we adended 3 times due to a screw up by the tax company....what form do they actually NEED to see?? I know i don't send them everything I have right? please help!

They are looking for your 1040 with all schedules. I recommend to the borrowers that I am working with to just bring their tax folder and I will pull out what I need. Did you call the loan officer you are working with? Email me through my profile email if you are interested in comparing rates/fees/terms to make sure you are getting a good loan.

You need form 1040 with any of schedules A, B, C or D you filled out. A W2 may also help.

They only need the what you filed with the IRS, so Form 1040 with the attaching forms and schedules that you sent in. for the year that you amended, just give them the final amended return. They will tell you if they need more.

visit IRS website: www.irs.gov, download form 4506-T, Return Transcript, this is a transcript, line by line of all information provided on you actual filed return. This transcript is accepted by all loan offices, financial aids etc. The office want to know that you really earn the amount you are telling them, and the IRS is the only place that would tell them it amount is correct. There is a fax number provided to fax the form and they usually provide the transcript with in 10 business day, the form also has a space provided that you can have it send elsewhere.
But if you need the actual copy of the tax return there is form 4506 Copy of Tax Return, and I believe the cost is $39.00 per return and usually takes up to 6 weeks to get the copy.

Good luck!

Wow.. you have an interesting scenario.. Usually, you would provide a 1040, with the appropriate supporting schedules.. However, in your case, I would advise you to contact the IRS to see about getting an updated record of your account for 2005 and 2006. While a "transcript" may help you, it may not satisfy the lender's requirements.. If your changes were immaterial, I.E. they did not result too much in an income or refund change, then give them the tax forms...

However, if your changes were material, you would do best to get items from the IRS.. The reason why they are asking for your tax returns is because they need to verify a pattern of income.. Most likely you amended your return to claim additional deductions for Adjusted gross income or credits from Adjusted gross income.. So, dont worry, your 1040 should suffice.. However, for argument sake, bring along your 1040X (amended return forms as well)... I hope that helps.. Feel free to e-mail if any questions..

Mainly they need whatever version of 1040 you filed, plus any attachments. If you did amendments, send them copies of the 1040X forms also

They need copies of everything that you sent to the IRS. If you amended 3 times, they'll need the return as filed plus any amended returns along with the supporting schedules filed with the amended returns. (Been there, done that!)

Most mortgage companies will also have you sign a Form 4506 or 4506T allowing them to pull your tax records from the IRS. They will match the copies you send with the copies that they receive from the IRS. That's a quick "sanity check" on your claimed income and if there are any differences there will be delays in your loan until they are satisfactorily addressed.

Going over multiple amendments may give an underwriter a brain freeze but it will be a lot easier to walk them through any questions on the phone if they have copies of everything in front of them instead of having to run around gathtering things up and faxing them off. When you have to do that, the underwriter sidelines your application and moves on to the next one until the requested documents arrive. Only then does it go back into his or her work queue to be looked at again. That equals even more delays.