Tax Transcripts: How Can I Get a Tax Transcript Online Immediately?

Caitlyn Moorhead
Milan_Jovic / iStock.com
Milan_Jovic / iStock.com

Tax preparation can be daunting, but getting your tax transcript from the IRS doesn’t have to be. Whether you need it for a loan application when you apply for a mortgage, college financial aid or simply to keep your records straight when filing taxes and anticipating a refund, getting your tax account transcript online can be quick and easy. Here’s a simple guide on how to get your tax transcript online immediately.

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Quick Take: What Is a Tax Transcript and Why Do You Need One?

In short, a tax transcript shows basic data and line items such as adjusted gross income, AGI, or other taxable income, as well as FICA tax contributions or capital gains tax. As a wage and income transcript or record of account transcript, it is important to note that it won’t show changes made after you filed your original tax return. No matter your filing status or tax bracket, you can request a tax transcript for the current tax year or three prior years.

Here are some types of tax transcripts you can get from the IRS for free:

  • Tax return transcript: Includes most line items from your original Form 1040-series tax return as filed, usually meets the needs of lenders offering mortgages.

  • Tax account transcript: This transcript has basic data such as filing status, taxable income and payment types. Unlike a tax return transcript, it also shows changes made after you filed your original return and is available for the current and nine prior tax years.

  • Record of account transcript: This combines the tax return and tax account transcripts above into one complete transcript.

  • Wage and income transcript: This shows data from information returns the IRS receives such as Forms W-2, 1098, 1099, and 5498 and is limited to approximately 85 income documents.

  • Verification of non-filing letter: This transcript is for states that the IRS has no record of a processed Form 1040-series tax return as of the date of the request yet it is available after June 15 for the current tax year or anytime for the prior three tax years.

While reviewing your tax account transcript, it might be a good idea to look at how your taxable income was calculated, including any deductions from tax write-offs.

How Can I Get a Tax Transcript Online Immediately?

To get a tax transcript online quickly you can follow these steps:

  1. Visit the IRS website and look for the “Get Transcript” tool. This tool allows you to view and download your tax transcripts online.

  2. Once you’re on the IRS website, you’ll see a few options for getting your transcript. Choose the one that suits your needs. The options usually include:

    • Online: This is the fastest way to get your transcript. You’ll need to create an account if you haven’t already. The IRS will ask you some identity verification questions to ensure it’s you accessing the information.

    • By Mail: If you’re not in a hurry, you can request a transcript be mailed to you. It usually takes about 5 to 10 days to arrive.

    • By Phone: You can also call the IRS to request your transcript. However, this option may take longer compared to the online method.

  3. Verify your identity with a government-issued ID, Social Security number, date of birth, and other identifying details. You may also need a smartphone with a camera to upload images of your identification.

  4. You’ll be able to view your transcript online but you should also download or print it as a PDF file or print it directly from the website. Make sure to save a copy for your records.

  5. Check for accuracy before using your tax transcript for any official purpose. Make sure all the information matches what you expect from your tax return. If you notice any discrepancies, you may need to contact the IRS to resolve them.

Final Take To GO: Why You Need a Tax Transcript

Getting your tax transcript online immediately is possible with the right tools and know-how. By following these simple steps, you can access your tax information quickly and conveniently whenever you need it. Just remember to keep your personal information secure and double-check the transcript for accuracy before using it for any official purpose.

This article originally appeared on GOBankingRates.com: Tax Transcripts: How Can I Get a Tax Transcript Online Immediately?

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