The Internal Revenue Service sends out an SA302 form every year after you file your taxes, giving you information about how much income you earned and what deductions you are eligible for. This form is called “SA302.” If you received it, you’ll see the number “0” next to the word “Form 1099-SA,” meaning that you did not receive Form 1099-SA. You can use this form to find out why you didn’t receive the form.
What Is An SA302?
An SA302 is a summary document used to verify information about you and your assets. This includes income earned, savings, property owned, liabilities, etc.
The SA302 is used by creditors to ensure that the information presented in a loan application is accurate.
Your SA302 will help lenders verify whether your income is accurate. If it isn’t, you could end up paying too much interest.
What Does an SA302 Include?
Income includes salaries, dividends and interests earned from investments. Self assessment tax is split between the basic rate and additional rate. Mortgage lenders require proof of earnings before approving a mortgage.
Should I get a SA302?
The UK government introduced a new requirement for mortgage applicants in April 2018. If you earn over £100k per year, lenders must ask for your self assessment tax return (SA302). This form requires information about your income and expenses, including how much you make from self employment.
If you’re self employed, it’s important to know whether or not you’ll need to submit an SA302 form. You could potentially lose out on a home loan if you fail to complete one.
Frequently Asked Questions
My accountant may be able to get the SA302 form.
Yes. Accountants are allowed to provide copies of the SA302 forms for use in mortgage applications, etc., under certain circumstances. This includes situations where the applicant does not have access to the original document or it is lost/stolen.
The IRS requires that the taxpayer make a reasonable effort to obtain originals, but there are some exceptions. If you do not have access to the originals, the following requirements apply:
1. You must request a copy of the return from the person who prepared the return;
2. You must pay the cost of copying the return yourself; and
3. You must keep a record of the date of mailing the copy to the Service.
If you do not meet one of the above requirements, you cannot rely on the copy.
What is an overview of the tax year?
Your Tax Year Overview (TYOs) are statements that list tax payable, tax paid, and tax outstanding. They indicate the status of your tax payment and the information should correlate to your SA302 for the corresponding period. TYOs are used to determine whether you owe money to the government or not. If you do owe money, you’ll receive a notice via email or postcard. You must pay within 30 days of receiving the notice.