How to Fill Out the 4506-T
The form 4506-T should be properly filled out before loan submission.
For your convenience, you can print a pre-filled form from within DirectWare that the borrower can then sign.
As a last resort, you can fill out a blank form yourself, but be sure to follow the instructions below.
Important Note: The 4506-T needs to order both the 1040-ROA tax transcript and the the W2-All Forms.
• Easy Method
• Alternative Method
• Important Tips for Reviewing the 4506-T
A. Easy Method: Print the pre-filled form from within Directware.
A pre-filled 4506-T that orders both the ROA and the All Forms can be easily printed from within Directware. It comes pre-filled so all you have to do is print, have the borrower sign the form, and upload the scanned document. If the borrower filed with a different address or name, you will need to add those to the form.
1. Log into DirectWare and select your loan. On the left menu under "More Tools", select "Print Forms".
2. A new window will open. Scroll down a little and double click on "4506-T".
3. A new window will open. Click the "View PDF" button.
4. The PDF will open. Print the form, add any previous addresses or names, have the borrower(s) sign it, scan, and upload into DirectWare through Step B. Before uploading be sure to review the form for completeness and legibility using the tips listed in part C of this page.
B. Alternative Method:Fill out the form yourself.
If you decide to fill out the forms yourself, be sure to fill them out accurately and completely so that the 4506-T's can be executed.
Line 5 – Include Direct's company name, address, and phone, as well as the term "ISAOSA".
Line 6 – Enter "ROA and All Forms" in the field.
Line 6c– Check this box.
Line 8 – Check this box.
Line 9 – Enter "12/31/09", "12/31/08", and "12/31/07" in the fields.
Signature Line – Enter both a date and a phone number next to the signature. Must be signed and dated within 120 days of form execution.
C. Important Tips To Ensure the 4506-T Is Correct
There a few tips to be aware of to help ensure that the IRS accepts the borrower's 4506-T. If these tips are not followed, the IRS may reject the form, resulting in a possible delay of your loan through our system.
Make sure that all aspects of the 4506-T are legible. If you fax or scan the 4506-T, review it before uploading it into DirectWare to ensure that
- no part of the form is grayed or whited out,
- that text is still readable,
- and that the form has not shrunk in size.
P.O. Box Addresses
If the borrower listed a P.O. Box on his tax return, include both the physical address and the P.O. Box address on line 3 of the 4506-T.
If the borrower now resides at a different address than what was listed on his tax retuns, list the previous addresses (the one on the tax returns) on line 4 of the 4506-T. You may need to list multiple addresses here - one for each corresponding tax return.
The borrower names listed on the 4506-T should match what was listed on the tax return sent to the IRS.
Corrections to Form
The IRS will not accept a form that has something crossed out on it or that looks like a correction was made.
If you need to
make correction, you may want to print a new form and have the borrower sign it.
Upload Signed Form
Tip: Uploading a pdf version of the signed form directly into the condition in DirectWare will help preserve the quality of the image compared to faxing the form to us.
Contact Broker Support if you need additional help: (800) 924-3884 or BrokerSupport@DirectCorp.com