Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 1 month ago

I was pre-approved for a auto loan, does this mean they want one or the other or all of them?

I received your income verification. Do you by chance have any documentation from Wonderland Academy showing where taxes are taken out of your income? If you receive a 1099 from them, we will need that and your last 2 year’s tax returns for income verification.

 

Update:

I submitted my checks but without the stubs because I don't have any from my job. For a loan should they award the loan with current income or do they actually need 2 years worth of income?

6 Answers

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  • 1 month ago

    They want your W2/some pay stubs OR the 1099 and two year's returns.

  • 1 month ago

    This means they are willing to give you a loan.

  • 1 month ago

    If you are an employee (a worker who fills out a W-4 and gets a W-2), then they only need either paystubs or the W-2 (one or the other).  If you are an independent contractor (a workers who fills out a W-9 and gets a 1099-MISC), then they need both the 1099 and the last two year's tax returns (all of them).

  • Anonymous
    1 month ago

    preapproved does not mean pre approved. It means approved IF you can provide what they need.  I could make copies of my last 2 years taxes in a few minutes. Not that hard except Id have to use my desktop which is slow for 5 minutes everytime I turn it on because i rarely use it anymore. And it updates and all kind of stuff runs.

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  • Scott
    Lv 7
    1 month ago

    If they're asking you for two years' of check stubs, then that's what they want.

  • 1 month ago

    You need to prove what the income MEANS.

    You are not an employee.  You are a contractor. 

    Your gross pay has nothing to do with your taxable income.

    You need to provide 2 years of tax returns to show your taxable income.

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