So long story short I have already talked with my accountant. Just wanting to do more research on an issue.
To buy a property I am having to use 2013 and 2014 income last two years. Taxes are filed electronically in beginning Feb. 2013 already came through and processed with transcript available but not 2014 even though submitted the same time.
Lender will not close without my 4506T. IRS says they do not process return until May because they are doing refunds. I called online payment center to electronic for taxes owed. They sent me to non-streamline department. They were helpful but need to wait to see remnants in system. I am calling back tomorrow now that it is a week later. Talked to taxpayer advocate and no help there.
Mortgage broker is saying if you send partial payment and note it is going to 2014 then IRS has to reconcile so will process the return. Tax guy says it doesn't matter. I am caught in the middle of course.
All I want is IRS to process so lender can order 4506T for 2014. You talk to IRS and they all give you different answers and move you around. Fannie Mae loan so has to have the transcripts. Said something about salability of the note.
I know my broker allows me to just have a "stamped" copy saying I submitted them to the its for it to count. I have to go in person, but this way it doesn't have to be totally process to count. Not sure if that helps. Can you ask around to another broker? I have found different brokers have different rules regarding this type of stuff.
This mortgage broker is saying that stamped taxes are no longer accepted.
"Its not my lender in any way, it’s a Fannie Mae guideline. I have to have transcripts or the loan will not close. Transcripts were required after the housing crisis. Borrowers were turning in stamped tax returns and then filing something totally different, which is fraud. This is no longer allowed.
No matter what your tax advocate says, if you send a payment in to the IRS and state that it is for payment towards your 2014 Federal return then they have to reconcile the payment. The only way to do this is to process the return. The advocate does not want to tell you this because then everyone would do this and clog up their system."
I did check with other lenders and they said having the 4506T is required by almost all because it's a requirement investors want to see when they buy the loans off of the originators.
The IRS mentioned something about a TREADVIEW report they can send to underwriters in place of the transcript and it is accepted all the time by underwriters.
I will call again tomorrow and see how far I get with it this time. Very frustrating for sure... : )
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