A tax transcript request is a formal request submitted to the IRS to obtain a summary of a taxpayer’s tax return or account information. Tax transcripts are commonly used for income verification when applying for mortgages, loans, financial aid, or when addressing discrepancies with the IRS.
There are several types of tax transcripts available:
- Tax Return Transcript: Provides a summary of the information reported on the tax return, including adjusted gross income (AGI) and tax liability. It is commonly requested for verification purposes.
- Tax Account Transcript: Summarizes a taxpayer’s account, including tax liability, payments made, and any adjustments to the return.
- Record of Account Transcript: Combines both the return and account transcripts into one document.
- Wage and Income Transcript: Provides a record of income reported to the IRS by third parties, such as W-2s and 1099s.
- Verification of Non-Filing Letter: Confirms that the IRS has no record of a tax return being filed for a specific year.
Taxpayers can request a transcript by using the Get Transcript tool on the IRS website or by submitting Form 4506-T. Transcripts are available for free and are typically processed within a few business days. Understanding how to request and read tax transcripts is essential for taxpayers who need to verify their income, reconcile IRS discrepancies, or apply for financial assistance.