As you gather information for your 2007 tax returns, you may need to refer to prior year returns. Do you know where your archive records are? Are they in the basement, or storage closet? Or perhaps they were they destroyed in a flood or disaster? Did you lose them during a move?

While I generally advise clients to keep their tax returns for seven years, it doesn’t always happen. If you can’t locate or retrieve your tax records don’t fret! The IRS can provide transcripts and copies of documents you’ve files and information about your account.

The IRS can provide two replacement documents, a tax return transcript and a tax account transcript. First determine which document you need, as they vary greatly.

A tax return transcript shows the majority of your tax return including any attached schedules and forms. This document should contain the exact data as you reported it. However, it does not show changes or payments made after the return was filed. (Most financial institutions will accept this document as verification of your income.)

Tax return transcripts are free and the IRS mails them within 10-15 days of receiving your request. The IRS may not be able to provide information on returns filed more than 6 years ago.

A tax account transcript shows any adjustments made after the return was filed. It also includes your basic information, including filing status, adjusted gross income, and taxable income.

Tax account transcripts are also free. They are usually available for the current year and three calendar years prior. Tax account transcripts can take up to 30 days to receive

Obtaining either document is easy. Simply call the IRS at 1-800-829-1040. Their automated system will process your request. Or request your transcript via the mail using Form 4056-T, Request for Transcript of Tax Return.

If the tax return and tax account transcripts don’t include the information you need, there is one more option. Use Form 4506 to order an actual photocopy of your tax return. This takes up to 60 days to process and costs $39.

I hope you’re enjoying this season’s Tax Tidbits. Visit Queercents tomorrow for more helpful financial information.