Information Provided

• IRS form 4506 is a request for copies of tax returns. When this form is used, complete copies of tax forms, W-2s, 1098s and other tax documents supplied to the IRS are sent to the requester. A 4506-T requests a transcript of the tax return. The transcript is a simplified version of the complete return, containing most of the information from the return without additional income documentation such as the W-2 form.
  
  

Cost

• Another significant difference between the two forms is the cost associated with using each form. As of May 2011, when utilizing form 4506, the cost of each year of tax returns requested is $57. For example, if the request is for four years of tax returns, the total cost is $228. The form 4506-T transcript comes free of charge. The transcript request form is commonly used for mortgages because of this.
  
  

Years Requested

• The 4506 form allows the user to request eight years of tax returns. If the request is for more years, additional 4506 forms must be completed. However, if the request is for returns older than seven years, copies of supporting documents such as W-2 will not be available. The 4506-T allows for four transcript requests per form.
  
  

Request Available

• Utilizing form 4506 will provide all tax return information including all documents and amendments to each tax return. Form 4506-T is available for the most common types of returns, but some types are not available. The return types that can be obtained using a 4506-T form include the 1040 series, the 1065 form and the 1120 form, along with 1120 variants A, H, L and S.