A Guide for IRS Transcripts

Even though you undoubtedly
know you should, life gets in the way of remembering to keep copies of your tax
returns for the required years. If you need a copy of a prior year's tax return
but don't have it, you can get IRS transcripts from the Internal Revenue
Service (IRS). Other tax forms and information about your tax history are also
free from the IRS.Read on to find out what
paperwork the IRS can give you and how to receive it.What is IRS tax transcript?Your tax transcript contains
the same data as your tax return, except it is presented differently. In this
section, you'll find details on your filing status, income, credits, and
deductions. However, the transcript will not include your name or other
identifying information.The IRS fights identity theft
and other fraud. It now "masks" or blocks out information on your
transcript that thieves might want to know, such as the last four digits of
your Social Security number and your full telephone and account numbers.
However, complete details of your tax-related financials are shown.Why Would You Require an IRS
Tax Transcript?There are many scenarios in
which you would require irs transcripts. You may be trying to calculate your
adjusted gross income (AGI) or verify your IRS tax payments. Most people get
transcripts when they must prove their income for financial aid or loan
applications. Applying for government health care programs or subsidized
housing may also necessitate official transcripts.You may have come to terms
with the fact that your record-keeping practices are less than stellar and that
you don't have anything written down to show for your interactions with the
IRS. Most taxpayers may easily obtain transcripts without too much hassle.Types of IRS TranscriptsThere are five distinct IRS
transcripts.Tax Return TranscriptThis version is by far the
most typical. It displays almost all the data from your original tax return
line by line. If you used Form 1040-X, it wouldn't include any of that
information in its report.Tax Account TranscriptYou'll find more information
in these IRS transcripts. Your
adjusted gross income (AGI) and the timing, method, and amount of any payments
you've made are all part of this.Record of Account TranscriptSelect this transcript to read
a mashup of the previous two.Wages and Income TranscriptForms such as the W-2, 1099,
and 1098 and IRA contribution details are displayed here.Verification of Non-Filing
LetterThis is the method to employ
if you need to show that your income was too low to warrant filing a tax return
for a specific year.ConclusionA
taxpayer's tax account history can be summarized in an Internal Revenue Service
(IRS) transcript. Income, tax payments, and any other tax-related difficulties
can all be confirmed using these transcripts. The IRS transcripts Delivery
System allows tax experts to obtain and interpret these transcripts, and the IRS Resolution Software helps expedite
resolving tax concerns. Taxpayers can avoid penalties and legal trouble by
resolving their tax difficulties correctly with the help of a tax professional
and these resources.