A tax transcript is a document provided by the IRS that summarizes key information from your tax return or account activity. It’s a helpful resource for verifying income, applying for loans, or resolving discrepancies with the IRS.
What Information Does a Tax Transcript Contain?
A tax transcript includes essential details such as:
- Adjusted gross income (AGI).
- Filing status.
- Types of income reported.
- Payments, penalties, or adjustments to your account.
However, it may exclude certain details, like your state tax information or exact copies of forms.
Types of Tax Transcripts
The IRS offers several types of tax transcripts, including:
- Tax Return Transcript: Summarizes most line items from your original tax return.
- Tax Account Transcript: Shows basic data like filing status, payments, and balance due.
- Record of Account Transcript: Combines return and account details.
- Wage and Income Transcript: Lists data reported on forms like W-2s and 1099s.
How to Request a Tax Transcript
You can request your transcript using the IRS “Get Transcript” tool:
- Log in to your IRS account or create one.
- Choose the type of transcript you need.
- Download it securely or request it by mail.
Final Notes
While a tax transcript is useful for many purposes, it’s not a substitute for a full tax return. Be mindful of its limitations and protect the document to ensure your personal information remains secure.
