Do you need an IRS Transcript? Then keep reading! In this article, we answer the most common questions about IRS transcripts, from a basic definition of IRS transcript, to who needs a transcript, and how to get a transcript from the IRS.
What Is an IRS Transcript?
Simply put, an IRS transcript is a record of your previous tax returns that shows different kinds of information, depending on the type of transcript.
There are five types of IRS transcripts:
- Tax return transcript. Includes most line items from your original Form 1040 tax return, along with any forms and schedules. Note that it doesn’t include changes made after you filed the original return. This type of transcript is available for the current and three previous tax years.
- Tax account transcript. Provides basic information such as filing status, taxable income, and payment types. It shows changes made after you filed your original return. It’s available for the current and nine previous tax years (online) or the current and three previous tax years (by mail).
- Record of account transcript. Combines the two previous transcripts into one. It’s available for the current and three previous tax years.
- Wage and income transcript. Shows data from forms such as Forms W-2, 1098, 1099, and 5498. It’s available for the current year and nine previous tax years.
- Verification of non-filing letter. Shows that the IRS has no record of a processed Form 1040-series tax return as of the date of the request. It’s available for the current year and the three previous tax years.
It’s worth remembering that an IRS transcript isn’t the same as a photocopy of your return. If you need a photocopy, you’ll have to submit Form 4506, Request for Photocopy of Tax Return, and pay a fee of $50 per copy.
Who Needs an IRS Transcript?
The most common use of IRS transcripts is to provide information to lending institutions when you apply for a loan or mortgage.
IRS transcripts are also helpful when it comes to retrieving information you may need to apply for housing assistance or federal programs.
How to Get an IRS Transcript?
The IRS recommends taxpayers to request their transcripts online.
To do this, you’ll have to visit or create your online account here. If you don’t have an existing IRS username, have your photo identification ready.
If you can’t request your transcript online, you can get your tax return or tax account transcript by mail by clicking on this link or by calling the IRS at 800-908-9946.
Have Tax Questions? Contact JT Tax Services
Need help getting a tax transcript? Want to learn more about the tax obligations of businesses? At JT Taxes, we have made it our mission to take the stress of tax filing off your hands so you can focus on what matters most to you.
We maximize your refund and help you stay compliant with all applicable rules and laws. We are located in Oxnard, California. Contact us today by email (firstname.lastname@example.org), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our wide array of tax services.