Have you ever needed a copy of a past tax return and contacted the IRS to get one? In the past, you had two options. You could mail or fax Form 4506 and expect to get a copy in “up to 75 days.” Oh, and you must pay $50 for each return requested.

The second option was to request a transcript of your return on Form 4506-T. A transcript just shows the line items on your return somewhat similar to the long-defunct 1040-PC. These are free and are normally received 5-10 days after the IRS receives the request. A transcript request may be faxed or the taxpayer may call 800 908-9946 to request one. These can also be requested online at http://www.irs.gov/Individuals/Get-Transcript.

However, the IRS now has a new, faster method of receiving a transcript. If you go to Read More