IRS Revamps 4506T for HAMP Apps
In an attempt to streamline the Home Affordable Modification Program (HAMP) process, the Internal Revenue Service is making available a quick form version of the familiar 4506T form, often used for income verification. When refinancing or modifying an existing mortgage, taxpayers need copies of their tax return information. Form 4506T-EZ is used to order a Form 1040 series tax return transcript free of charge, according a release from the IRS. The new form is only for individuals who filed a Form 1040 series. Those who need transcript information from other forms must still use the Form 4506T. Exact copies of tax returns are available, but each one costs $57 and may take 60 days to process. HousingWire previously reported on the anticipated release of the 4506T-EZ form when the Treasury announced plans to launch a new short sale program. Write to Jon Prior.