Transcript of Income Tax Return

[Taxizen]

Does anybody know how long it takes for the electronically filed individual income tax return to be posted on the IRS system?

The mortgage lender for the taxpayer wants to pull the transcript from IRS as soon as possible.

Any input would be greatly appreciated.

[ILLMAS]

Does anybody know how long it takes for the electronically filed individual income tax return to be posted on the IRS system?

The mortgage lender for the taxpayer wants to pull the transcript from IRS as soon as possible.

Any input would be greatly appreciated.

If the return was filed before April 18 2011, it should be in their system already, if your client just brought in their information because they were going to need it for banking purpose, then advice the bank and use the extension for 2010.

[JohnH]

Most lenders will work with the prior-year's return if it can be shown that there's a valid extension in place. Of course, that won't help if there's a big difference in year-over-year income or something present on the most recent return which tips the scales regarding loan approval. I have my 2010 return on extension, and we recently processed a home loan. The lender had asked for our 2009 & 2010 returns. When I told the lender 2010 is on extension, they just told me to give them my 2008 and 2009. No further questions asked.

[jainen]

>>No further questions asked. <<

I doubt that. You signed a lot of papers at closing, and one of them asked for permission to pull your 2010 tax return directly from the IRS. That's standard with FNMA and other buyers in the secondary market, so unless you are dealing with a portfolio lender (of which there are precious few these days), you'd better make sure what you file is what you said you were going to file.

[Pacun]

I filed electronically at the end of March 2011 and I got a transcript in at the end of May 2011.