Friday, June 24, 2011

Tax Returns and Tax Transcripts and Bankruptcy

Are you looking for your last year's tax return, but just cannot find it?

The IRS web site has a link where you can obtain, at no cost, a tax transcript for any missing year. Click below:

If you want  a copy of the full tax return, you can order that as well but there will be a minimal charge to do so.

In our district (New Hampshire). the bankruptcy trustee will require that you produce the most recent tax return for review, and the bankruptcy trustee will accept a copy of a tax transcript in lieu of the tax return.

So, having an avenue to get a copy (free) is good to know.  Also, when your attorney is preparing your bankruptcy petition, he/she will need to review your last three year's tax returns or tax transcripts.  The reason is not to be nosy but to examine your income, sources of income, to determine the best course of action for you.

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