6 Different Types of IRS Transcripts

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The Internal Revenue Service (IRS) provides taxpayers with various transcripts to help them understand their tax situation. These transcripts are important documents that provide information about a taxpayer's income, taxes, and other financial information. There are six types of IRS
transcripts: Tax Return Transcript, Account Transcript, Record of Account
Transcript, Wage and Income Transcript, Verification of Non-filing Letter, and
Tax Account Transcript.

Tax Return IRS Transcript

The Tax Return Transcript is a document that contains information from a taxpayer's original tax return. This IRS Transcript includes line-by-line details of the return, including any adjustments made after the return was filed. This transcript is typically used to verify income and tax
filing status for loan applications, student aid applications, and other
financial transactions.

Account Transcript

An Account Transcript from the IRS provides a detailed summary of the activity that has taken place on your account over the past three years. It includes information such as balance due, payments, penalties, adjustments, and other changes. This IRS transcript can help resolve tax
disputes, understand past tax returns, and verify tax payments.

Record of Account Transcript

The Record of Account Transcript summarises an individual's tax account information, including tax return information, current balance details, payment history, and other tax-related transactions. This transcript provides an overview of all taxes owed or paid by the taxpayer and
any adjustments made to the account. It is an important document to review when
filing taxes, as it can help taxpayers ensure that all taxes have been paid and
that their records are accurate. It can be used to determine whether a taxpayer
is eligible for certain tax credits or deductions.

Wage and Income Transcript 1098, 1099, and 5498

The Wage and Income Transcript summarises the information reported to the IRS from various sources such as employers, banks, and other payers. This IRS transcript includes all wages, salaries, tips, and other taxable income reported to the IRS on Form W-2, 1098, 1099, and 5498, and
other information returns. It also includes certain adjustments to income, such
as student loan interest deductions and IRA contributions. The Wage and Income
Transcript is a valuable tool for verifying income and ensuring accuracy when
filing taxes.

Verification of Non-filing Letter

A Verification of Non-filing Letter is an official document from the Internal Revenue Service (IRS) that confirms that the IRS has no record of a filed Form 1040, 1040A, or 1040EZ for the year requested. This letter is used to verify that an individual
did not file a federal income tax return for the specified tax year.
Individuals and organizations can request this letter for various reasons, such
as providing proof of non-filing for student loan deferment, demonstrating
eligibility for public assistance programs, or proving income for mortgage or
loan applications.

Tax Account Transcript

The Tax Account Transcript is an IRS document that summarises an individual's tax account information. It includes details such as the amount of taxes due, payments made, and adjustments to the account. It is important to note that the Tax Account Transcript does not include any
information about refunds or credits.

To Conclude

It is important to understand the different types of IRS transcripts available as they can be used to verify income, apply for loans, and meet other financial needs. Knowing the type of transcript you need and how to obtain it can save you time
and effort. Ultimately, it is important to remember that IRS transcripts are a
valuable tool for managing your finances.