Accepted LB Tax Forms, Tax Years & Borrowers

LoanBeam Tax calculates Qualified Income (QI) from FEDERAL TAX RETURNS.

• LoanBeam Tax templates are designed to support ONE Individually filed Tax Return or ONE Joint Tax Return.
• LoanBeam Tax templates are designed to support up to 2 years of tax return

Tax Years:

LoanBeam templates are designed to support up to 2 years of tax returns in the following combinations:

• 2019/2020, 2020/2021
• You can also upload 2020 alone or 2021 alone
• If three years are uploaded (19/20/21), LoanBeam will disregard the oldest tax year (19) and only display income for the two most recent years (20/21). 
  • Once you have submitted a LoanBeam application, you are NOT able to remove any processed documents or files associated with that application.
  • Clients who wish to process a 3rd year will need to create TWO LoanBeam applications (2019/2020 combined + 2021 alone)
  • Note: LoanBeam does not allow duplicate Application numbers.  You may need to append the Application ID with a number (-1) or a letter (A) to make your new application submission unique.

Borrowers: 

LoanBeam templates are designed to support ONE Individually filed Tax Return or ONE Joint Tax Return.

• If two sets of individual/joint returns are provided in any combination, you will not have an accurate reading.
• So, If you have multiple people borrowing (who filed individual returns) you will need to create a separate LoanBeam application for each borrower.
  • If a form 1040 where 'Married Filling Separately (MFS)' is checked (indicates that two people will fill two separate tax returns) LoanBeam will pick up all income from the forms uploaded, but only 1 borrower's name will appear on the summary sheet on standard LB templates. (ref. LBQCST-934)
• NOTE: LoanBeam does not allow duplicate Application numbers.  You may need to append the Application ID with a number (-1) or a letter (A) to make your new application submission unique.

Source Documents:

• Form 1040 - U.S. Individual Income Tax Return

• Form 1040 SR - U.S. Individual Income Tax Return

• Form 1040A – Income Tax Return for Single and Joint Filers with No Dependents

• Form 1040EZ - U.S. Individual Income Tax Return

• Form 1040 - W-2 Wages Reported on Line #7 of Tax Returns

• Schedule A - Itemized Deductions

• Schedule B - Interest and Ordinary Dividends

• Schedule C - Profit or Loss from Business

• Schedule C-EZ - Net Profit From Business

• Schedule D - Capital Gains and Losses

• Schedule E - Supplemental Income and Loss
• Schedule E - Supplemental  Statements Pages Income and Loss

• Schedule F - Profit or Loss from Farming

• Form 2106 - Employee Business Expenses
• Form 2106-EZ - Employee Business Expenses

You are allowed a maximum of 2 vehicle (car etc) entries per Form 2106 for a single loan application

• Form 4562 - Depreciation & Amortization

• Form 4797 - Sale of Business Property

• Form 6252 - Installment Sale Income

• Form 8829 Business Use of Home

• Corporation Tax Return (Form 1120)
• Corporation Tax Return (Form 1125E)

• Partnership Tax Return (Form 1065)

• S Corp. Tax Return (Form 1120S)

• Form 8825 - Rental Real Estate Income and Expenses of a Partnership or an S Corporation

• Partnership Schedule K-1 (Schedule K-1 1065) - Federal K-1's Only

• S Corporation Schedule K-1 (Schedule K-1 1120S) - Federal K-1's Only
• Business Returns Supplemental Statements Pages Income and Loss

• Trust K-1 (Schedule K-1 1041) - Federal K-1's Only

• Tax Transcripts 
• Form W2 - Wage and Taxes ( Freddie Form 91, S Corp Only)
• Paystubs ( BETA TESTING ONLY, NOT LIVE)

REFERENCE DOCUMENTS 

• Tax Transcripts are read by the LB technology but the data is ONLY used for comparison with the 1040's (as seen on the Transcripts Comparison of the workbook)
• P&L (Profit and Loss) - Can be referenced for Manual Entry
  • For a Form 1065 or Form 1120-S, in the Partnership Tab or S Corp Tab.
  • For a Schedule C, in the Schedule C tab.

Notes: 

• LoanBeam does NOT recognize handwritten documents.
• Documents must be submitted in PDF or TIFF format. 
• There is no restriction on the size of the files uploaded to LoanBeam.
• LoanBeam is a tool and should be used with the understanding that the results generated do not constitute an approval. Cells shaded in 'aqua' require manual input. The results must be validated by an underwriter.