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We are heading back into underwriting next week for our new build house and have been previously told we need to submit 2012 taxes. We e-filed on 03/24 and paid the taxes owed which the IRS received and deposited the check on 04/01 but they don't show the taxes processed in their system yet.
Has anyone else ever ran across this? What are the options?
We are heading back into underwriting next week for our new build house and have been previously told we need to submit 2012 taxes. We e-filed on 03/24 and paid the taxes owed which the IRS received and deposited the check on 04/01 but they don't show the taxes processed in their system yet.
Has anyone else ever ran across this? What are the options?
Even though you efiled, you should still have a copy of a tax return. The lender must attempt to get the transcripts, but most investors do not require them, just show that they tried. You can prove the returns filed with the IRS were the copies you provided by the tax refund/payment that match the return.
Thanks SmartMoney. I do have hard copies from the accountant and I can show that the IRS deposited the check for the amount due. I was also able to get transcripts of our business taxes (1120S) which show the same figures as what is on our personal 1040s. Hopefully that is enough proof if in fact they do need personal transcripts.
I'm just freaking out because someone on another forum just got denied today for this exact reason, and they were supposed to close this up coming Monday. They e-filed on Jan 30th and even though they gave the lender a hard copy, the lender says they need the transcripts directly from the IRS and the IRS has not processed them yet, so his loan is denied.
next time file for an extension. that's your right under Fed law and nobody can discriminate against you because you filed for extension. however, extension should be somewhat accurate. extension gives you to October to file, thus anyone looking for 2012 stuff would have to wait until then, etc.
i file extension every year because i work in multiple states, thus i handle state stuff before handling Fed in October. if i didnt then any state adjustments would force me to file Fed fix, which is a royal pita.
I had a similar circumstance with a borrower, which we overcame when she physically delivered the tax returns to her local IRS office and sent copies that were stamped by the IRS.
next time file for an extension. that's your right under Fed law and nobody can discriminate against you because you filed for extension. however, extension should be somewhat accurate. extension gives you to October to file, thus anyone looking for 2012 stuff would have to wait until then, etc.
i file extension every year because i work in multiple states, thus i handle state stuff before handling Fed in October. if i didnt then any state adjustments would force me to file Fed fix, which is a royal pita.
I dont see how an extension would help this situation. If the lender is asking for 2012 taxes and you cant get them verified by the IRS until October, then I assume the lender would tell you to come back and apply in October.
I had a similar circumstance with a borrower, which we overcame when she physically delivered the tax returns to her local IRS office and sent copies that were stamped by the IRS.
Good advice Pfhtex, I'll keep that in mind in case this ends up being an issue.
Our 2012 personal taxes have been processed and transcripts are available! Last week when I called on Thursday, they had not been processed yet and I was told to call back Monday but I ended up just checking the status online and they are available. One less thing to worry about. We e-filed 03/24/2012 BTW.
There is someone on another forum who filed January 30th and theirs are still not processed. Their loan actually was just denied and they were supposed to close yesterday because of this. Difference there is that they owe on their taxes and they have not paid them, they are trying to setup a payment plan so that could be why the taxes are not processed yet.
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