There was a time when taxpayers used to file their annual tax returns through lots of hectic processes and compromising on several works of that day. After coming of TurboTax – user-friendly tax preparation software developed by intuit, many of the Taxpayers are having the privileges in filing their annual tax returns through TurboTax efficiently and effectively.

To get a copy of the tax return you file online; you must follow the following steps.

Step 1: Go to the myturboTax login page.

Step 2: Sign in with your login credentials.

Step 3: Select Download/print return if your return was accepted.

Step 4: Scroll down to your tax returns & documents and select Download/print return in PDF format.

Step 5: Once your soft copy of your return has downloaded, locate the PDF file, and open it.

Step 6: Select the printer icon at the top of the screen – or open the File menu in the upper-left corner and select Print if you find that.

Note: Your printout copy will have included extra-documentation and calculation worksheets of your files, not any other forms from your employer, bank, brokerage, etc. because TurboTax does not generate those forms.

How Many Years of Tax Return Should I Keep?

The length of time you must keep your tax return document depends on the action, expense, or event which the document records. You must keep your records that include any item of income, deduction, or credit shown on your tax return until the period of limitations for that tax return runs out.

The length of time of limitations is the period in which you can amend your tax return to claim a credit or tax refund, or the IRS could access the additional tax. The information down below reflects the period of limitations that applies to income tax returns.

Time of Limitations that apply to Income Tax Returns

• Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later if you file for a tax refund after you file your return.
• If you file a claim for a loss from worthless securities or bad debt deduction, you must keep the records for 7 years.
• Keep records for 6 years if you do not report income that you should report, it is more than 25% of the gross income shown on your return.
• Keep your records for an indefinite period if you do not file a return.
• Keep your records for an indefinite period if you file a fraudulent return.
• Keep employment tax records for at least 4-year after the date that the tax becomes due or is paid, whichever is later.

What can I do With My Records for Non-Tax Purposes?

When your records are no longer needed for tax purposes, do not discard them until you make sure to check to see if you have to keep them longer for other purposes. For example – your insurance company or creditors may need you to keep them longer than the IRS does.

How Much of Tax Refund Will I Get?

Tax refunds are estimated by subtracting the amount of federal income taxes withheld from your total income taxes due for the year. If the amount deducted from your paychecks for taxes exceeds the amount you owe, you will receive a tax refund. However, several factors may affect how much income tax you pay and how much tax refund you will get back.

How to Get Copy of Tax Return from the IRS?

The IRS generally recommends that the taxpayers must keep a copy of the tax return from the IRS for at least three years, which can help taxpayers prepare future tax returns or even assist with amending a prior year’s return. If you are unable to locate copies of previous year tax returns, you must check with your TurboTax software provider first. Income tax returns are available from the IRS for a fee. Even if the taxpayers might have a copy of their income tax returns, some of them require a transcript. These are necessary for a mortgage or college financial aid application.

Transcripts

To get a transcript, taxpayers can,

• Order Online: Taxpayers can use the tool of Transcript available on the IRS website. They must validate their identity with secure access.
• Order by Mail: Users can order a tax return transcripts and tax account transcript through the mail.
• Send either 4506-T or 4506T-EZ to the IRS. Users should use Form 4506-T to request other tax records.

Transcripts are free and available for the current tax year and the past three years. A transcript usually shows most line items – includes marital status, the type of return filed, adjusted gross income (AGI), and taxable income from the tax return. It also includes items from any related forms and scheduled filed. It does not include any changes the IRS or the taxpayer might have made to the original return.

Taxpayers should remember to plan while needing a transcript. The time of delivery for online and telephone orders usually take 5 to 10 days from the time the IRS receives the request. A taxpayer must allow 30 days to receive a transcript order by mail and 75 days for a copy of the tax return from IRS.

Copies of Tax Returns

Taxpayers who need an actual copy of a tax return can get one for the current tax year and as far back as six years. The fee for one copy is $50. A taxpayer needs to complete and mail Form 4506 to request a copy of the tax return. They must mail the request to the appropriate IRS office listed on the form.