IRS Tax Transcripts Explained, Plus How to Get Them
IRS tax transcripts prove useful if you’re applying for a loan, or maybe going back to file a previous year’s tax return, to name a few reasons. So, what kinds of transcripts are there, and how do you get hold of them?
Different Types of IRS Tax Transcripts
Tax Return Transcripts: These show most of the line items from your original tax return, along with any extra forms and schedules. However, they don’t show any amendments or changes since the original filing. Tax return transcripts are great for mortgage and college financial aid applications. They’re available for the most current year and the prior three years.
Tax Account Transcripts: These show basic information such as taxable income and filing status. As well, tax account transcripts show any changes made after you file the original return. You can get this transcript for the current year and the prior nine years.
Wage and Income Transcripts: These gather numbers from the information returns the IRS receives from other sources, like W-2 forms, 1099s, 1098s, etc. These won’t necessarily have all the information from the copies you’d receive personally, such as an employer’s EIN. But this transcript is useful for filing a tax return when you may not have original documents. These are available for the current year and prior nine years.
Verification of Non-Filing Letter: This is an official statement from the IRS that you did not file a tax return for a specific year. Why would you need this? College financial aid applications may want proof you had no income for a certain year. You also might get certain fees waived, or qualify for some types of assistance. These are available for the current year (after June 15) and the prior three years.
How to Get IRS Tax Transcripts
You can log in or create an online account[https://www.irs.gov/payments/online-account-for-individuals] to view, print or download a transcript right away. You can also go online to request a transcript be sent by mail[https://sa.www4.irs.gov/oat/]. To mail in a transcript request, you’ll need to complete IRS Form 4506-T.
You can also request an actual copy of your tax return by using Form 4506. These transcripts do require a fee, however.
Links
This web page explains how to set up your IRS account.
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