Tax Account Transcript - shows basic data such as filing status, taxable income, and payment types. It also shows changes made after you filed your original return.

Form 4506-T is free, and transcripts generally arrive in about three weeks. When you file the Form 4506-T, you'll receive a printout of most of the line items on your tax return (rather than a copy of the actual return). This document is called a tax return transcript.

The “T” in 4506-T stands for transcript, and the report will include a line-by-line printout of the information you included on past tax returns. You will only be able to gain access to tax documentation from the current year up to three years prior—to gain access to older records, you must use Form 4506.

Lenders sometimes request Form 4506-T as a way to verify the income you've stated on your loan application. They want to be sure that you're able to repay the amount you intend to borrow, and along with factors like your credit score, your yearly income is important to determine your ability to repay.

Mortgage lenders may require you to fill out Form 4506-T as part of your mortgage application. It allows them to obtain a transcript of your tax return information directly from the IRS. They use it to verify the other income documentation you provided during the loan application process.

Use Form 4506-T to request any of the transcripts: tax return, tax account, wage and income, record of account and verification of non-filling. The transcript format better protects taxpayer data by partially masking personally identifiable information.

Use Form 4506 to request a copy of your tax return. You can also designate (on line 5) a third party to receive the tax return.