A tax transcript is an official document issued by the IRS that summarizes your tax return information for a specific tax year. It contains details about your income, deductions, credits, and other essential tax data that you reported on your tax return. Transcripts serve as a comprehensive record of your tax filings and can be invaluable in various situations. Before we explain the steps to request your tax transcript, let’s take a look at some of the situations where you may need a copy, as well as the different types available.
Situations When You May Need a Tax Transcript
Although it’s recommended that you keep copies of your tax returns and income forms (W-2s, 1099s, etc.) for at least three years, not all taxpayers adhere to this schedule. Additionally, there could be other reasons why you wouldn’t have a physical copy in your possession, such as a fire or flood. That being said, there are several situations when you may need to obtain a copy of your tax transcript, including:
- Verifying Income. Many organizations, such as mortgage lenders, landlords, or government agencies, may require you to provide proof of your income. A transcript can serve as official documentation of your reported income for a given year.
- Applying for Student Aid. When applying for financial aid for college or university, you may need to submit a transcript to verify your or your family’s income information.
- Preparing Amended Tax Returns. If you need to file an amended tax return, having a copy of your original tax transcript can help you identify any errors or discrepancies.
- Resolving IRS Issues. In case of an IRS audit or inquiry, a transcript can provide the necessary information to address any questions or concerns raised by the IRS.
- Personal Record-Keeping. Keeping a copy of your transcripts can be a valuable addition to your financial records, ensuring you have a comprehensive history of your tax filings.
Different Types of Tax Transcripts
Depending on the specific situation, you may need one or more types of transcripts. The IRS offers several, including:
- Tax Return Transcript. This transcript shows most line items from your original tax return, including your adjusted gross income (AGI). It does not reflect any changes made after the return was filed.
- Tax Account Transcript. This transcript combines the information from your tax return transcript with additional data from your IRS account, such as payments, penalties, and interest owed or refunded.
- Record of Account Transcript. This transcript provides a condensed version of your tax account transcript, displaying only the basic information about your tax return, such as the filing status, AGI, taxable income, and any payments or refunds.
- Wage and Income Transcript. This transcript shows data from information returns, such as W-2s, 1099s, and other income documents reported to the IRS for the requested tax year.
- Verification of Non-Filing Letter. This document confirms that the IRS has no record of a tax return being filed for the requested year.
How to Obtain Your Tax Transcript From The IRS
Retrieving your tax transcript from the IRS is fairly easy. You can request your transcript online, by phone, or through the mail.
Online Request
The quickest and most efficient way to obtain your transcript is through the IRS website. To access this service, follow these steps:
- Visit the IRS Get Transcript website and sign into your account.
- Select the reason for your transcript request (e.g., “Student Loan,” “Mortgage,” etc.).
- Provide your personal information, such as your Social Security number (SSN), date of birth, filing status, and mailing address.
- Choose the type of transcript you need (e.g., Tax Return Transcript, Tax Account Transcript, etc.).
- Select the tax year for which you need the transcript.
- Verify your identity using one of the available methods.
Once your identity is verified, you can immediately view and download your transcript online or have it mailed to your address.
Mail or Phone Request
If you prefer to request your transcript through traditional methods, you can do so by mail or phone:
- By Mail: Complete Form 4506-T, Request for Transcript of Tax Return, and mail it to the IRS address listed on the form. Be sure to include the specific tax year and type of transcript you need.
- By Phone: Call the IRS at 800-908-9946 and follow the prompts to request your transcript. You will need to provide your personal information, such as your SSN, date of birth, and the tax year for which you need the transcript.
Please note that requesting transcripts by mail or phone may take longer (5-10 calendar days) than the online method, as the IRS will need to process your request and mail the transcript to your address.
How to Request a Business Transcript
There is no cost to get a copy of your tax return transcript, tax account transcript, entity transcript, or a record of account transcript. You can request a business transcript one of two ways:
- View, print, or download it from your business tax account, or
- Submit Form 4506-T, Request for Transcript of Tax Return.
If you need a complete copy of your original return (business or personal), including attachments and schedules, you’ll need to submit Form 4506, Request for Copy of Tax Return. There is a $30 fee for each return requested through this form.
Final Tips
Obtaining your tax transcript can be a straightforward process if you follow the proper steps and provide accurate information. By understanding the different types of transcripts available and the various methods for requesting them, you can ensure you have the necessary documentation to meet your specific needs.
Remember to carefully review your transcript once you receive it and address any discrepancies or concerns with the IRS. By staying organized and proactive, you can navigate the process of obtaining your tax transcript hassle-free.