Form 4506-C, IVES Request for Transcript of Tax Return, is the form you sign so a lender can get a copy of your tax return information directly from the IRS through its Income Verification Express Service (IVES). The IRS only releases the transcript with your consent, and the form must reach the IRS within 120 days of the date you sign it.
You'll usually meet it when you apply for a mortgage or a business loan. It isn't a request you send yourself: the lender, or the IVES participant working for it, submits it. If you're self-employed or own the business that's borrowing, expect it, because the lender wants to check the income on your application against what you filed.
What the lender can see
| Transcript (line on the form) | What it shows | Years available |
|---|---|---|
| Return transcript (6a) | Information from the return as filed, for Form 1040 series, 1065, 1120, 1120-H, 1120-L and 1120-S | Current year and returns processed in the prior 3 processing years |
| Account transcript (6b) | The financial status of the account: payments, penalty assessments and later adjustments | Most returns |
| Record of account (6c) | The most detailed: return and account transcript combined | Current year and 3 prior tax years |
| Wage and income transcript (7) | Data from Forms W-2, 1099, 1098 and 5498; up to three form types per request | Up to 10 years |
Line 6 takes only one tax form number per request, and line 8 lists the tax years or periods. Check line 8 carefully. It decides how far back the lender can look.
How a request reaches you
Your lender sends the request either through your IRS account or by fax with Form 4506-C. If it comes through your IRS online account or business tax account, you review it there and approve or reject it. The IRS only sends your records to the lender if you approve.
Where the form goes
You don't post Form 4506-C to the IRS. The IVES participant faxes it, with the approved IVES cover sheet, to the IVES team at its assigned processing centre in Austin, Kansas City or Ogden. Wage and income information for the current year generally isn't available until the year after it's filed with the IRS; the form's own example is a 2016 Form W-2, filed in 2017, that likely wasn't available until 2018. If you need W-2 information for retirement purposes, the IRS says to contact the Social Security Administration instead.
What to check before you sign, step by step
- Taxpayer information: your name, current and previous address and taxpayer identification number. For a business, the business name, address and EIN.
- IVES participant (line 5a): the company that will receive the transcript from the IRS.
- Client (line 5d): the lender that will receive it from the IVES participant. These can be the same company, and the IRS says this field can't be blank.
- Transcripts requested and tax years: make sure they're what your lender asked for, not more.
- For a business request, check the signer's title is one the IRS accepts (see below).
- Sign and date it. Don't sign until every applicable line is complete. Electronic signatures only work with IVES participants that have opted in, so ask the lender.
Signing for a business
The IRS lists acceptable titles for business requests. For an 1120 series LLC: managing member, president, vice president, secretary or treasurer. For a corporation that isn't an LLC: president, vice president, secretary, treasurer, assistant treasurer, chief accounting officer, any tax officer including the controller, a shareholder with one percent or more, or the CEO or CFO. For a partnership filing Form 1065: a partner or limited partner. A sole proprietor signs as owner or sole proprietor. The IRS tells you to verify the request has an acceptable title before you approve or reject it.
Why the 120 days matters
The form must be received by the IRS within 120 days of the signature date. If your loan stalls for months, the lender may ask you to sign again. That isn't a red flag, it's the rule. If you're shopping around, only sign for the lender you're going ahead with.
How this connects to your own paperwork
Lenders use IVES to access your tax records when you apply for a mortgage, loan or other service. If you're self-employed, the numbers they'll look at are the ones on your Schedule C, so make sure the income on your application matches what you filed. If you're just looking for proof of income for yourself, you don't need Form 4506-C at all. And if you're weighing finance options first, this guide to what to know before applying for a business loan covers the other documents lenders ask for.
The verdict
Form 4506-C is routine and safe to sign as long as you check three things: who's receiving the transcript, which transcripts, and which years. Only approve what the lender needs. If you're borrowing through a company, sign with a title on the IRS list, or the request will bounce. And sign close to the date the lender submits it, because the 120-day clock starts with your signature.
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Frequently asked questions
What is Form 4506-C?
It's the IVES Request for Transcript of Tax Return, which authorizes the IRS to send your tax return or wage transcript to a lender through the Income Verification Express Service.
Why does my lender need Form 4506-C?
To verify the income on your loan application against the tax information the IRS has. The IRS only releases it with your consent.
How long is Form 4506-C valid?
The IRS must receive it within 120 days of the signature date.
Can I sign Form 4506-C electronically?
Only if the IVES participant has opted in to electronic signatures. Ask your lender.
Who can sign Form 4506-C for a business?
Someone with a title the IRS accepts for that entity, such as a managing member for an LLC, a corporate officer, a qualifying shareholder, a partner, or the owner of a sole proprietorship.
How many years of transcripts can a lender get?
Return transcripts cover the current year and returns processed in the prior 3 processing years. Wage and income transcripts can go back up to 10 years.
Do I send Form 4506-C to the IRS myself?
No. The IVES participant faxes it to its assigned IVES team with the approved cover sheet. You review and sign the request.
