Most lenders request proof of income before granting loan requests, especially for home and car loans. You might also need proof of income when you apply for an apartment or house rental or attempt to qualify for an income-based program. Some organizations may be willing to call your employer to verify your income, but others might prefer hard copies of your income proof.
Receiving your earnings via direct deposit doesn't necessarily mean you won't get a paystub. According to ElectronicPayments.org, direct deposits usually generate paystubs, which your employer may mail or hand to you at your place of employment. Some companies provide employees with login information they can use to access online payment programs and view and print paystubs. If your employer does not automatically make paystubs available to you, contact your company's payroll department to request paystubs for the appropriate payment periods.
Some organizations accept bank statements as proof of income, as they include a record of your direct deposits. However, some organizations may not consider such statements sufficient proof. In such a case, you can go to your bank and request a printout of your deposits for the time period in question. For example, you may need to provide proof for the previous month, quarter or 6-month period. Ask the bank to notarize the printout.
Most lenders accept tax returns as proof of income. Often, lenders request tax returns for the past one to three years if you choose to prove your income this way. Though your tax returns will not show the exact amount of your direct deposits, lenders can typically gauge your income from the gross or adjusted gross income entries. Some lenders might want a more official tax document from you, however. In such a case, request an official tax transcript from the IRS to provide the required proof. Tax documents can prove particularly helpful for independent contractors who do not receive paystubs or who receive income from multiple sources.
Checks from Government Agencies
If you need to prove income direct deposited by a government agency, such as the Social Security Administration, you can use the benefit verification letter, tax documents or payment stubs the organization mails to you or makes available to you online. If you have not received the payment stubs or documents you need, contact the issuing agency to request replacement copies. For example, you can contact the Social Security Administration at (800) 772-1213 to request a benefit verification letter.
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