TurboTax has made the tax filing process easier and faster. Apart from preparing and filing the taxes, the software automatically saves the ITR copy. If you have lost a copy of your previous year’s ITR or just want to know the process for File previous years taxes TurboTax, then you are not the only one.
Need to view the previous year’s tax files? In case you are feeling difficulty, get in touch with our Experts @ +1-844-508-2335.
If you are the one who is looking for a simple solution how to find old tax returns on TurboTax, then this content is meant for you. This blog explains the step-by-step procedure to view TurboTax previous returns. So, stick to the blog and read the entire blog. But, before knowing the process. Let us first understand why it is important to have the old tax return copies.
Why Does It Matter?
Maintaining the record of the tax returns is as important as filing the accurate tax at the right time. The acknowledged copies of the tax returns are authentic and genuine proof of your income. Below we have mentioned some of the processes where the ITR copies act as proof:
- Loan Applications
The ITR will help you in getting the loan. Most of the financial institutions will ask for the ITR copies of the past 2 -3 years before approving the loan.
- Visa Applications
The ITR copies will act as the only income proof during the visa application process. The ITR helps foreign embassies in knowing your financial statement.
- High-Value Insurance Policy
The insurance companies will ask for these documents, especially when they are offering a high-value insurance policy to the user. This will help the insurance company to know whether the user will be able to pay the insurance.
- Setting Past Dues
In case you have received a notice from the government to clear your due to a particular past year, then the acknowledged ITR records will help you to answer all your queries.
What Tax Documents Should You Keep?
No doubt, there is a stack of documents that are required at the time of filing the taxes. However, it is not possible to stack up all the documents. Below we have mentioned the list of the documents that you should keep to maintain the record:
- W-2s Forms, 1099s Forms
- Expenses and correspondence tax deduction invoices such as charitable donation receipts, invoices, and more.
- Property documents like purchase records and property tax assessment documents.
- Retirement and Investment account documents such as distribution statements, 401 (K) statements, etc.
How to get old tax returns from TurboTax ?
The fastest way to view file previous years taxes TurboTax. You can access the last seven years previous years taxes files in TurboTax. To get the old tax return files from TurboTax, you do not need to pay anything to the software. It is completely free. If you are using the online product, then you need to log into your account to view the TurboTax files.
The below-mentioned steps will help the user TurboTax view previous returns:
- Firstly you have to sign in to your Turbo tax account. You must ensure that you are using the same account as in previous years.
- After that, move to the previous year’s summary.
- Now, you have to select the documents option available in the left menu. You can easily find the option as it lies below the “Tax home” label.
- Now, select the desired years for which you want to view.
- Once the desired timeline is chosen, you can view the file of previous years’ taxes TurboTax download it.
In case you have downloaded the product on your system, then the old tax files will be automatically stored on your system.
Recover From IRS
The internal revenue system, commonly known as IRS, is a government agency that enforces the law. It usually saves the information of the last seven years. In case you have not saved the hard copy of your return and are unable to retrieve the information from the software, then you can ask the IRS to share the information with you.
The users can opt for other methods also to get the old tax files. Other ways to get the old tax returns are:
- Order a tax Transcript from the IRS
- Get the Old Tax Return Copies from IRS by paying a Fee
Order a Tax Transcript from the IRS
The tax transcripts are the abbreviated version of the important information, including filing status, taxable income, return type, payment type, and AGI from the previous tax return. Getting the information through the tax transcript from the IRS is the quickest one in comparison to the second option. Usually, the user receives the information within 5 to 10 days from the time of order. The Tax Transcripts from the IRS are completely free, and you do not need to spend a penny in order to get the information. These copies are available once the IRS has processed the return.
The IRS uses three ways to send the information. You can select any of the methods that best suit you to receive the information:
- By Mail
The taxpayer must fill out the 4506-T or the 4506-T-EZ form to receive the transcript copies. Once the forms are filled with the correct details, the IRS will mail the information.
- Through Online
You can also view your information online. However, you need to first verify your online identity first.
- Over Phone
You can receive the information by calling on their official phone number. The concerned authorities will mail the required information.
Get the Old Tax Return Copies from IRS by paying a Fee.
As the transcripts do not hold all the information, you can ask for a copy of the ITR. However, to get copies of ITR, you need to pay a $ 50 fee, as they are not free like the transcripts. Once the agency receives the request, they will start the process of sending the old tax copies. However, you have to wait for 75 days to get the copies.
You can also send the copies directly to the third parties. All you need is to provide the mailing address and the contact number of the third party, like a financial institution.
Note: In case you ask for the joint tax IRS copy, you need to provide the name and the social security number of your spouse.
Steps involved in getting copies of the return from the IRS
The below-mentioned steps will help you in getting the tax return copies from IRS.
Step 1: Download the Required Form
To get copies of old taxes from the IRS, you have to use the 4506 form. It is the only way to get the information from the IRS. First, you need to visit the IRS official website and download the 4506 form from there.
Step 2: Fill out the Data
Once you have successfully downloaded the form, you need to fill out the form. Write down the social security number and your official name in line 1 of the form. In case you are asking for a copy for the joint tax year, you need to provide the details of your spouse, name, and social security number in line 2 of the form.
Step 3: Provide the Address
In line 3, enter the current address. In case your current address differs from the address mentioned in the previous tax file, then mention the previous address in line 4. If you want to send the information directly to the third party, then mention the name and address of the third party in line 5. You can leave line 5 blank in case you want the IRS to mail the copy to your current address.
Step 4: enter the form used
In line 6, enter the form you used to file your federal income tax return. In case you want the personal tax return, then use the form 1040 -SR, 1040 EZ, 1040A, or 1040 form. Also, mention the proper date along with the year in line 7.
Step 5: Mention the Number of Returns
Mention the number of returns in line 8 b. Each return copy costs you around $ 45, so multiply the number of copies by the amount and enter the total amount in line 8c.
Step 6: Sign and Mail
In the end, sign the form and mail it to the IRS address to receive the copies. Make sure you have enclosed the total amount; otherwise, the IRS will not process your request.
How Long Do You Need to Keep the Records?
The users often get confused about how long they should keep the tax-related documents. According to the government recommendation, you should keep a record of minimum past three years. You can keep the record for the past as many years as you wish. The users must also check with the state law to get the specific number before trashing the tax return, as every state has its own state law. Some states can go beyond the IRS.
One of the most asked questions by the users is, do they need to keep the record for the year they did not file the taxes? The answer to this simple question is yes. In case you did not file the year for a particular year, you should keep the record. It is advisable to be prepared for any situation.
Let’s Wind it Up
Inevitably, the tax return copies are as important as file previous years taxes TurboTax. They are genuine proof of your income. Henceforth, you must make a proper record of your previous year’s files. In case you have lost the old files, then you can retrieve the file from previous years’ tax TurboTax. If you are feeling difficulty viewing old tax files, get in touch with our experts. They are available for you 24 X 7.