Glossary

Tax Transcript

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A tax 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.

Recommendation

IRS Notice CP501: Reminder Notice of Balance Due

IRS Notice CP501 is a reminder notice that informs taxpayers of an unpaid balance and warns of further penalties if not resolved.

Form 8917 – Tuition and Fees Deduction

Form 8917 – Tuition and Fees Deduction allows taxpayers to claim a deduction for qualified education expenses.

CP297C Notice: Intent to Levy on Government Payments

IRS CP297C Notice warns taxpayers of the IRS’s plan to levy federal payments, such as Social Security or government contracts, due to unpaid taxes.

Letter 3219C: Statutory Notice of Deficiency

The IRS Letter 3219C, also known as a Statutory Notice of Deficiency, notifies taxpayers that they owe additional taxes and provides the option to contest it in tax court.

Letter 2275C: Installment Agreement Reinstatement Approved

IRS Letter 2275C notifies taxpayers that their request to reinstate an installment agreement has been approved and outlines the updated terms.

Form 1099-B – Proceeds from Broker and Barter Exchange Transactions

Form 1099-B is a tax document issued by brokers, detailing proceeds from stock sales and barter exchanges.

Treasury Offset Program (TOP)

The Treasury Offset Program (TOP) allows the IRS to apply a taxpayer’s refund toward unpaid federal or state debts, such as back taxes or student loans.

CP31 Notice: Refund Check Returned

The IRS CP31 Notice informs taxpayers that their refund check was returned and provides instructions for claiming the refund.

Form 8835 – Renewable Electricity Production Credit

Form 8835 allows taxpayers to claim credits for producing electricity from renewable sources.

Form 4868 – Application for Automatic Extension of Time to File U.S. Individual Income Tax Return (reiterated under extension categories)

Form 4868 is an application for extending the time to file U.S. individual income tax returns.