Simple Steps to Get Your Transcription Tax
You most likely know that you should keep copies of your tax returns on hand for a period of years, but life happens. The Internal Revenue Service provides tax transcript if you need to get your hands on an old return for some reason, but you have not saved it or no longer have a copy. The IRS is also delighted to provide you with other forms and information about your tax history, free of charge.
What Tax Transcript Consist of
Your transcript will consist of the same information that appears on your tax return, although it is not put out in the same format. You will see your filing status, income and the deductions and credits you have claimed. But your personal information will not appear, at least not in its entirety.
The IRS has been actively taking steps to fight identity theft and fraud, and now “masks” or faints portions of information in its transcript that thieves may like to know, such as the first five digits of your Social Security number and the your complete phone and account numbers. All your tax financial information is displayed in full.
As of January 2019, your accountant or any individual or entity that has a right and your permission to access your transcript must now enter a “client file number” on line 5b of IRS Form 4506-T, the official application for Tax Transcription Returns. Generally, the third party can assign the number. For example, a potential lender who wants a copy of your transcript can assign you with your loan number. What third parties cannot use is your Social Security number. The IRS will enter the new number in its transcript database when it receives a 4506-T form.
Types of IRS Transcripts available
The IRS actually offers five different transcripts. They Include:
Tax Return Transcription: This is the most common form. It shows more, but not all-line-by-line information of his return, though only of his original return. It will not report information on an amended return if you entered one.
Account Transcript Tax: This transcript is more comprehensive. It includes your adjusted gross income (AGI), your entire income in various taxable forms, and when, how and how much you have already made in the form of payments.
Account Registration Transcription: Choose this if you want the combined information from the two transcripts listed above.
Salaries and Income Transcript: This information shows your income, not any deductions.
Verification of Non-Filing Letter: This would be suitable if you simply have to prove that you do not have to file a tax return in a given year, because you have fallen below income requirements.
Online IRS Transcription Access
The simplest way to get your transcript is to access it online via the “IRS Get Transcript” page of the website. You will need to register first, and to do this you will need:
· Your Social Security number
· Your date of birth
· The filing status you used on your most recent tax return
· The address you used on your most recent tax return
· An email account and the address
· An account number for a credit card, mortgage, auto loan, or personal loan that is in your name
· A cell phone with an account in your name
You should also notify the IRS why you want the transcript, but this is mostly just to guide you through the type of transcription you need.
You can get any of the five transcripts online. You can easilyly view them on your computer or tablet, or print or transfer them – there is no waiting period for delivery. The IRS will confirm your identity first, however, both by email and texting a verification code for the cell phone information and email account you have provided.
That’s all the text or email will say, however. He will not ask you to provide any additional information via email or text.
Any request for information “from the IRS” received via text or email is almost certainly a scam, whether it comes from you immediately or weeks later.
Other Rules
Of course, there are some other rules and catches. We’re talking about taxes here after all.
How you recorded your return and whether you owe unpaid taxes on that return can affect how quickly you can get transcripts for the current year. Your current year transcripts will probably not be available for two to four weeks after sending an e-file for a return, and up to six weeks if you sent in a paper return. And you will not be able to access your transcript if you owe taxes until you pay the balance due or don’t arrange to pay it through a finalized agreement with the IRS.
The IRS will no longer fax transcripts to effective taxpayers 2019, although the exact date is not yet known. It was originally supposed to be February 4th, but that has been extended.
Finally, if you placed a credit freeze with Experian because you are or think you may be a victim of identity theft; the IRS indicates that you are going to have to temporarily lift this when you register for online access so that it can verify your identity. But you can put it back in place after this is done.
Why You Can Access an IRS Transcript
You may need your transcripts for any number of reasons. Maybe you just need your AGI, or you want to track and confirm payments you’ve made to the IRS. Most taxpayers access their transcripts because they must verify their income information for some reason, such as because they have already file application for a loan or student aid. You may also need transcripts to apply for housing assistance or Federal Health programs.
Or maybe you just noticed that your record keeping habits are not all they should be and you have no record of your relationship with the IRS. In any case, obtaining tax transcript is usually not a prohibitive process for most taxpayers.