Question
Can you fill out a w1040 without actually filing and submit that for a mortgage loan application?
My loan officer asked me to do this to show my estimated income and deductions for the year, but I doubt the underwriters will give it any thought since it's not actually being filed. Is this done with a lot of banks? I don't get pay stubs because I am self employed. They said the only way I can obtain the loan is if I show them my 2009 income tax returns. It is possible to file early, but the loan officer said I don't actually have to file.
4 weeks ago - 4 answers
Best Answer
Chosen by Asker
I doubt official 1040's for 2009 are even available yet and I have never heard of such a thing - your paystubs should have all the YTD info they would need - that's what they usually ask for - and since the year is not over yet - your latest paystub has the most accurate info - "projected full yr income" on a unofficial future 1040 is meaningless - I doubt an underwriter woudl accept that for anything
by Doctor Deth
4 weeks ago
Asker's Rating: 
Other Answers
If the loan officer means for the year 2009, then they are ignorant - run away. If they mean for a previous year, then they are criminal - run away and report it.
by teran_realtor- 4 weeks ago
Sounds like tax fraud to me. Bye Bye you go to jail~!
by Realtoratheart- 4 weeks ago
Generally for a self employed person in the middle to end of the year a lender will ask for a year to date profit and loss not a 1040. The lender will execute a 4506t to get copies of your tax transcripts directly from the IRS so I don't see how an underwriter will even accept a 1040 for the current year unless they are checking to see if you've been paying your taxes quarterly??? You should ask your loan officer for clarification and maybe even speak to a manager.
by Noneya- 4 weeks ago