Copy of taxes

[karm43]

Does anybody know if tax transcripts are acceptable. They are free from irs they charge 57 dollars for a copy of your whole tax return.

[tobee43]

what do you mean by "transcript"?

if the transcript is a copy of your 1040s you should be fine.

[AngelinaCatHub]

Most likely they will. Tell the Trustee about the cost. The reason he wants your taxes is to get a snapshot of your income and compute your spending habits with your buying habits. It just makes it a bit easier on the Trustee to see your complexity. If you are average, middle class, big bucks or what. 'Hub

[karm43]

Transcripts just copy whole return every form

[mountanddo]

Yes, transcripts are fine. I got mine for the last 2 years. The cost of the whole return is just what you submitted anyway not what they accepted. I had to pay $5 though for my state transcript.

[HHM]

Let's back up

The IRS account transcripts only show what goes on the 1040, not every form. Now, you can order an actual "copy" of your tax return from the IRS, but that takes time.

It depends on the situation; if your tax returns are relatively simple, then most trustees will be fine with the account transcript, if you have a complex tax return, with lots of different schedules (the type that would review assets and disposition of assets), the trustee can require a complete copy of the entire tax return.

Keep in mind, the code simply says "tax return"

Incidentally, how come you don't have a copy of your last years tax return (the trustee will ask).

[mountanddo]

The trustee didn't ask me why I didn't have a copy of my tax returns. Mine were actually taken *long story I won't go into. Anyway, I would ask your attorney if your transcript is good enough of if you have to get the whole return before you spend the money.