Everything You Need To Know About IRS Transcripts

by IRS Logics Tax Resolution Software for Tax Professionals

To protect your privacy, the IRS tax transcript only displays select pieces of your personal information. You may see you’re financial and tax data depending on the type of IRS transcripts you request. Your Form W-2 will reflect itemised deductions for things like your taxable income.

The IRS Get Transcript website is available 24/7 for anyone who needs a copy of their tax transcript at no cost. This article contains everything you need to know about IRS transcripts.

What can you find out from an IRS transcript?

The Internal Revenue Service (IRS) provides five distinct tax transcripts:

• Tax Return Transcript:

Most of your first tax return data is here, including your adjusted gross income. This transcript is available for the three most recent tax years upon request.

• Tax Account Transcript:

This condensed tax transcript displays essential information, including return type, marital status, adjusted gross income, taxable income, and payment method. Online or with Form 4506-T, you can request a transcript for the current year and up to 10 prior years; by mail or phone, you can request a transcript for the current year and up to 3 prior years.

• Record of Account Transcript:

This is the most detailed transcript available, including your tax return and tax account data. This transcript is only available for the current year and the three previous years.

• Wages and Income Transcript:

This transcript only includes the data you provided on your tax forms (W-2, 1099, 1098, and IRA contributions). You can make such a request for the current tax year and the prior 10 years.

• Verification of Non-Filing Letter:

That you have yet to file a Form 1040 with the IRS for a given year is all this proves. Upon request, you can get one for the current year and up to the previous three years.

How can you get your tax transcript?

You can obtain a copy of your tax return transcript in one of two primary ways:

1. Submit an online request for a tax transcript:You can get your transcript in record time by using this method.

• For the transcript, click here.

• The "Request Online" section has "Get Transcript Online."

• You must sign up for the service and reveal personal details like your SSN, birthday, and tax status. You'll need to be able to check your email, and you'll have to provide details about a financial account, such as a credit card, a mortgage, or a home equity loan.

2. Mail in your request for an IRS transcript: The standard turnaround time for a transcript is five to ten days.

• Return to the Get Transcript site where you submitted your online transcript request. Press "Get Transcript by Mail" under "Request by Mail."

• Your date of birth, street address, city, state, zip code, and Social Security number (or ITIN) are required.

• If you have moved since filing your taxes, you should notify the IRS of your new address before requesting a transcript.

Conclusion

The IRS transcripts contain comprehensive information about a person's tax filings and interactions with the agency. They are extremely helpful for gaining insight into one's tax history, confirming one's reported income, and monitoring compliance. Acquiring and reviewing these IRS tax transcripts helps efficiently resolve tax-related issues and better financial planning.