We all know tax season can be a hurried and frustrating time. Getting all of the necessary paperwork, maximizing your refund, and finding the right way to file are all time consuming. Whether you were completely organized for the tax season or pulling receipts out left and right, now is a great time to take advantage of a Tax Return Transcript. Best of all, it’s free. If you were to order a complete copy of your filed tax return from the IRS, it would cost $57.00.
Just like an educational transcript, a Tax Return Transcript contains a summary of the work you have done and your results. First, it has most of the line items from your tax return, including information from your 1040, 1040A, or 1040EZ. A Tax Return Transcript also contains accompanying forms and schedules.
So why is this important if you already have a copy of your tax return? A Tax Return Transcript can be used for the following goals.
• Meeting the requirements of lending institutions offering mortgages
• Compacting information needed to apply for student loans
• Having the necessary figures to apply for a visa
It is important to note that a tax return transcript does not reflect changes made after the return was filed. The IRS provides three convenient ways of obtaining the transcript:
• Order a Transcript online
• Call 1-800-908-9946 (5-10 business days for delivery)
• Fill out Form 4506T and mail it in. (5-10 business days for delivery)
Since the online ordering is fastest, we will provide some quick tips to make it go smoothly. First, you have to decide whether you want a tax return transcript or a tax account transcript.
A tax return transcript has most of the line items from your tax return, including information from your 1040, 1040A, or 1040EZ. A tax return transcript also contains accompanying forms and schedules. The tax return transcript is available for this year and up to the last three years.
A tax account transcript includes marital status, type of return filed, adjusted gross income, and taxable income. Also, it includes any adjustments you or the IRS made after you filed your return. These are also available for this year and up to the last three years.
By filling out Form 4506T, you can send your transcript to third parties like your accountant, financial institution, or government agency. The IRS does require you signature for this information to be released. The IRS provides a visual preview of a transcript at the bottom of the page of Tax Return Transcripts.
The IRS provides a simple and easy tool to obtain the tax return transcript online. It’s a 1-2-3 process that you can find by clicking Order a Transcript.
Keep checking back to the blog for more helpful information regarding your taxes.