A tax transcript is a summary of certain kinds of tax information that can be obtained from the Internal Revenue Service (IRS) when needed. It contains taxpayer information such as name and Social Security number, filing status, adjusted gross income, taxable income, tax liability, credits, payments, and account details. There are five types of tax transcripts that can be requested from the IRS:
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Tax Return Transcript: This type summarizes the lines entered on your original tax return, including your adjusted gross income (AGI). You can request this transcript for the current tax year and the previous three years.
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Tax Account Transcript: This transcript shows basic data like type of return filed, marital status, AGI, taxable income, and how you paid. You can request this transcript for the current year and up to 10 prior years (online or with Form 4506-T), or up to three years if youre requesting by mail or phone.
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Record of Account Transcript: This is the most comprehensive tax transcript you can request, which combines information provided in your tax return and tax account transcripts. You can only request this transcript for the current year and up to the previous three.
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Wages and Income Transcript: This transcript only reports information provided on your W-2, Form 1099s, Form 1098, and IRA.
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Verification of Nonfiling Letter: This letter confirms that the IRS has no record of a filed Form 1040, 1040A, or 1040EZ for the year you requested.
Tax transcripts can be helpful in providing information to lending institutions, where you might be applying for a student loan or a mortgage. They can also be useful if you need to prove your past income or that you filed your taxes. You can request a transcript any time for free through the IRS Get Transcript website.
