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Tax Return Requirements

Tax Return, W-2 and Tax Transcript Requirements for 2017

For new applications on or after 4/18/18, 2017 W-2s and tax returns (extension if applicable) are required for income qualification as per applicable product guidelines. Loans funding on or after April 18, 2018, that require tax returns will require 2017 filed returns unless the borrower has filed an extension (IRS Form 4868).

Tax Return, W-2 and Transcript Requirements

Application Date

Note Date

Documentation Required

10/15/17 to 4/17/18

10/15/17 to 4/17/18

  • The most recent two year’s tax returns (If 2017 filed, 2016 and 2017; otherwise 2015 and 2016). The use of a Tax Extension (IRS Form 4868) is not permitted.
  • Corresponding tax transcripts1

4/18/18 to 10/14/18

If borrower has:

  • Completed and filed the previous year’s tax return (2017):

 

Obtain:

  • Tax returns for the previous year (2017) and the year prior (2016, or per AUS findings and product requirements)
  • Corresponding tax transcripts1

If borrower has NOT:

  • Completed and filed the previous year’s tax return (2017):

 

Obtain:

  • Copy of Application for Automatic Extension of Time to File 2017 U.S. Individual Income Tax Return (IRS Form 4868)
  • Prior two years’ filed tax returns (2015 and 2016, or per AUS findings and product requirements)
  • Corresponding tax transcripts1

4/18/18 to 10/15/18

 

 

4/18/18 to 10/15/18

 

If borrower has:

  • Completed and filed the previous year’s tax return (2017):

 

Obtain:

  • Tax returns for the previous year (2017) and the year prior (2016, or per AUS findings and product requirements)
  • Corresponding tax transcripts1

If borrower has NOT:

  • Completed and filed the previous year’s tax return (2017):

 

Obtain:

  • Copy of Application for Automatic Extension of Time to File 2017 U.S. Individual Income Tax Return (IRS Form 4868)
  • Prior two years’ filed tax returns (2015 and 2016)
  • Corresponding tax transcripts1

10/16/18 to 4/14/19

  • Tax returns for the most recent two years (2016 and 2017 or per AUS findings and product requirements)
  • Corresponding tax transcripts1
  • Use of a Tax Extension is not permitted

On or after 10/16/18   

 

1If current year tax transcripts aren’t available and “No Record Found” is returned, the prior two years’ filed tax returns and transcripts (or per AUS findings and product requirements) are required

 

W-2 Transcript Requirements

The following table describes which tax-related documentation is required depending on the application date of the mortgage loan when such documentation is required per applicable program guidelines.

If requirement is…

AND initial application date is…

The following documentation is required:

Most recent two years’ W-2s

On or before 1/31/18

  • Year-end paystub (2017)
  • 2015 and 2016 W-2s
  • 2015 and 2016 W-2 transcripts or tax transcripts

 

Most recent two years’ W-2s

2/1/18 to 4/16/18

  • 2017 W-2
  • 2015 and 2016 W-2s
  • 2015 and 2016 W-2 transcripts or tax transcripts

Most recent two years’ W-2s

4/17/18 to 10/15/2018

  • 2016 and 2017 W-2s, and
  • Corresponding W-2 transcripts, or all of the following:
  • 2017 W-2
  • 2017 W-2 transcript and tax transcript indicating No Record Found
  • 2015 and 2016 W-2s
  • 2015 and 2016 W-2 transcripts or tax transcripts