Question about tax returns

[TucsonBill 0]

I use Tax Act every year to e-file my taxes, but it also permits me to print out the actual tax returns and across them it just says COPY on like a 'watermark' which still allows you to see the return. I see some have ordered transcripts, is this what I need? Should I do both? Get transcripts and attach them to my computer copies? Do I need the w2's? Does anyone know if I can just go in to my local IRS office and get transcripts or MUST they be ordered? I also have my Social Security statement of earnings, will tehy accept this?

Bill

PS regarding the value of my home, do I need an appraisal or will a market value analysis do? (On the form where I list my assets). Also my house is owned by my Living Trust, do I need to send then a copy of my trust?

Bill

Edited October 14, 2006 by TucsonBill

[William33 110]

TucsonBill,

The requirement on the tax return is a copy with W-2's. Some go one step further to provide IRS transcripts, but this is not necessary. If you go that route, I have read that they must be ordered.

Home value - if your income is adequate, you do not need to provide this information. If you choose to provide it as "buffer" to your case, market value is sufficient. Equity is the target here. The living trust may complicate things, depending on who is a party to it.

In a nutshell, I would carry the whole thing on annual salary alone, if adequate. In my opinion, the KISS method is always best.

I use Tax Act every year to e-file my taxes, but it also permits me to print out the actual tax returns and across them it just says COPY on like a 'watermark' which still allows you to see the return. I see some have ordered transcripts, is this what I need? Should I do both? Get transcripts and attach them to my computer copies? Do I need the w2's? Does anyone know if I can just go in to my local IRS office and get transcripts or MUST they be ordered? I also have my Social Security statement of earnings, will tehy accept this?

Bill

PS regarding the value of my home, do I need an appraisal or will a market value analysis do? (On the form where I list my assets). Also my house is owned by my Living Trust, do I need to send then a copy of my trust?

Bill

[TucsonBill 0]

TucsonBill,

The requirement on the tax return is a copy with W-2's. Some go one step further to provide IRS transcripts, but this is not necessary. If you go that route, I have read that they must be ordered.

Home value - if your income is adequate, you do not need to provide this information. If you choose to provide it as "buffer" to your case, market value is sufficient. Equity is the target here. The living trust may complicate things, depending on who is a party to it.

In a nutshell, I would carry the whole thing on annual salary alone, if adequate. In my opinion, the KISS method is always best.

I use Tax Act every year to e-file my taxes, but it also permits me to print out the actual tax returns and across them it just says COPY on like a 'watermark' which still allows you to see the return. I see some have ordered transcripts, is this what I need? Should I do both? Get transcripts and attach them to my computer copies? Do I need the w2's? Does anyone know if I can just go in to my local IRS office and get transcripts or MUST they be ordered? I also have my Social Security statement of earnings, will tehy accept this?

Bill

PS regarding the value of my home, do I need an appraisal or will a market value analysis do? (On the form where I list my assets). Also my house is owned by my Living Trust, do I need to send then a copy of my trust?

Bill

The only reason I want to include my assets is because my income was down last year due to a leave of absense during which my assets were more than sufficent to sustain me, and I have a letter form my employer regarding the leave of absense. I just want to be doiubly sure. My Living Trust is mine, I am the grator and the sole trustee.

Bill