A tax return transcript is a summary document provided by the IRS that contains key information from a taxpayer’s filed tax return. Unlike a full copy of the return, the transcript provides a simplified version of the data, including:
- Adjusted Gross Income (AGI).
- Taxable income.
- Tax credits and deductions.
Tax return transcripts are often required for applications for financial aid, mortgage loans, or other financial transactions where proof of income or tax history is necessary. Taxpayers can request a transcript for free from the IRS using the Get Transcript tool on the IRS website or by submitting Form 4506-T (Request for Transcript of Tax Return).
Transcripts are available for up to three years of filed returns and can be requested by the taxpayer or by third parties with the taxpayer’s authorization. They are a useful tool for verifying tax information without needing a full copy of the return.