Tax Transcripts Online

Posted by Andy
The IRS has always offered transcipts by mail by completing form 4506, but now you can request the transcripts online. Some notes about the process:

-A transcript is a computer printout that shows most of the line items found on your tax return when you filed it, including any accompanying forms and schedules. When it comes to verifying income, a transcript often is an acceptable substitute for a copy of your original tax return.However, any changes made after the return was filed will not be reflected on a basic transcript. For that you need a tax account transcript.

-A tax account transcript will provide any adjustments you or the IRS made after you filed your return. Like the basic tax transcript, the tax account transcript also shows things such as your marital status, type of return filed, adjusted gross income and taxable income.

-You can have a transcript sent directly to your lender, who should get it in about 10 days after you submit your request.

-There's no cost to order your current-year transcript, as well as transcripts for the past three years. If you need an exact copies of your old tax returns, that will take up to 60 days to process. It also will cost you $57 for each copy


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The content on this blog (www.acollinscpa.blogspot.com) is my personal opinion based on my study and understanding of tax laws, policies and regulations. It’s provided for your private, noncommercial, educational and informational purposes only. It’s not a recommendation or endorsement of any company or product. It should not be relied upon as specific tax advice for your personal situation. I strongly suggest that when it comes to filing your taxes, you get additional, professional guidance from individuals who are familiar with your specific circumstances. Those who choose to rely solely upon the information on this site do so at their own risk and peril, and cannot hold the author liable in any form or fashion.

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