Glossary

Tax Return Transcript

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.

Recommendation

CP30A Notice: Removal of Underpayment Penalty

The IRS CP30A Notice informs taxpayers that the underpayment penalty previously assessed has been removed.

CP98 Notice: Application of Refund to Outstanding Tax Debt

IRS CP98 Notice notifies taxpayers that their refund has been used to cover unpaid tax debt from a previous year.

CP21C Notice: Changes to Your Tax Return – Balance Due

IRS CP21C Notice notifies taxpayers that changes to their tax return have resulted in an additional balance owed and explains how to pay the new balance.

Tax Lien Withdrawal

A tax lien withdrawal removes the IRS’s notice of a federal tax lien, lifting its public record status and restoring the taxpayer’s ability to manage their assets freely.

Capital Loss Carryover

Capital loss carryover lets taxpayers apply capital losses from one year to offset capital gains or ordinary income in future tax years.

CP05B Notice: Delayed Refund Processing

The IRS CP05B Notice alerts taxpayers that their refund is delayed due to an ongoing review of their tax return.

CP13A Notice: Changes to Tax Return Resulting in a Credit

IRS CP13A Notice informs taxpayers that the IRS has made changes to their tax return, resulting in a credit, and explains how to receive the credit.

Letter 2802C: Warning of Levy Action

IRS Letter 2802C notifies taxpayers that the IRS intends to levy their assets or wages unless they make immediate payment or establish a payment plan.

Wage Levy

A wage levy allows the IRS to garnish a portion of your paycheck to collect unpaid tax debt, continuing until the debt is paid or resolved.

CP14 Notice: Balance Due Notification

The IRS CP14 Notice informs taxpayers that they have a balance due and provides instructions for payment or dispute.