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2010 Tax Transcripts

The last post in this topic was posted 3416 days ago. 

 

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Okay so, here's a problem that I am needing help with. My loan officer notified me Monday that when she ordered my tax transcripts there was nothing for 2010. Come to find out I used cheap TaxAct and didn't hit the submit button. Neither state or feds sent me anything about this, though did both cash the checks sent.

 

I immediately efiled on Monday this week (at direction of IRS person) but am being told a different story every time I call the IRS in terms of when the transcripts will be available. Second best would be that my taxes are processed so I can go to the local IRS office to get my returns stamped. I do know that they were "accepted" and are currently "being processed."

 

I hear 2 weeks, 3 weeks, next Tuesday. Each IRS person makes sure to lecture me as much as possible about my irresponsibility each time I call. I'm clearly aware that I was irresponsible and highly stupid.

 

I'm really worried about getting my tax transcripts or that the IRS will put something on my credit. My fed tax due was only $284 and there is a 20% failing to file penalty that I will be awarded, though some reps say that can be forgiven once in your life.

 

Will this screw up my mortgage app?

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Have you already applied? If yes it could cause you to do some explaining followed by a paper trail showing the correct taxes have been filed and paid. I do not know their timelines for getting things done at the IRS but your best bet is to be upfront now and let everyone help you work through this.

Good Luck

B

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Have you already applied? If yes it could cause you to do some explaining followed by a paper trail showing the correct taxes have been filed and paid. I do not know their timelines for getting things done at the IRS but your best bet is to be upfront now and let everyone help you work through this.

Good Luck

B

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Midnight Ember;

 

This will not cause your loan to be denied. Simply you will need to have your transcripts available. Being that this isn't tax season it should happen fairly quick. Your best bet is to call the IRS at 1-800-829-1040 once a week and as if the transcripts are available. It should take 2-4 weeks. Usually your lender won't care as this is a common problem and will just wait with you for the Transcripts to become available.

 

 

Best Regards;

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Midnight Ember;

 

This will not cause your loan to be denied. Simply you will need to have your transcripts available. Being that this isn't tax season it should happen fairly quick. Your best bet is to call the IRS at 1-800-829-1040 once a week and as if the transcripts are available. It should take 2-4 weeks. Usually your lender won't care as this is a common problem and will just wait with you for the Transcripts to become available.

 

 

Best Regards;

 

Thank you for your encouragement. I have been calling the IRS every day. I've made some progress in that the taxes are currently being processed. Once they are processed and in the system I can go to the IRS office to have them stamped. But I've also been told once they are processed the transcripts are automatically generated. LO thinks that it will take forever but I think that because it is August tomorrow, and people rarely file taxes this time of year, it will be done much quicker.

 

Thanks again.

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Okay so, here's a problem that I am needing help with. My loan officer notified me Monday that when she ordered my tax transcripts there was nothing for 2010. Come to find out I used cheap TaxAct and didn't hit the submit button. Neither state or feds sent me anything about this, though did both cash the checks sent.

 

I immediately efiled on Monday this week (at direction of IRS person) but am being told a different story every time I call the IRS in terms of when the transcripts will be available. Second best would be that my taxes are processed so I can go to the local IRS office to get my returns stamped. I do know that they were "accepted" and are currently "being processed."

 

I hear 2 weeks, 3 weeks, next Tuesday. Each IRS person makes sure to lecture me as much as possible about my irresponsibility each time I call. I'm clearly aware that I was irresponsible and highly stupid.

 

I'm really worried about getting my tax transcripts or that the IRS will put something on my credit. My fed tax due was only $284 and there is a 20% failing to file penalty that I will be awarded, though some reps say that can be forgiven once in your life.

 

Will this screw up my mortgage app?

 

I've been through this before and I think the penalty is about 1/2% for each month the return is late so you should be well under 20%. Some states are a lot worse.

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