tax transcript

Do I Need A Tax Transcript?

Tax Law

Have you ever needed to show proof of your income? Perhaps you applied for the loan and are being asked to provide proof of income.

This is a common scenario that is easily resolved by obtaining a tax transcript. What’s more, it’s often the easiest and most affordable method for proving your income.

If you need assistance acquiring a transcript of your taxes, a qualified tax lawyer can help. When you call the Law Offices of Mary E. King, you’re getting tax experts who excel in all areas of tax law. 

Let’s look into tax transcripts further, and if you still need assistance after reading, contact Mary King with all of your tax-related questions and concerns. 

What Are Tax Transcripts?

A tax transcript is a brief summary detailing your vital federal tax return information. Essentially, a tax transcript avoids the hassle of combing through all of your tax documents. Instead, you’re given an overview that various agencies can use to verify your income.

For example, a lender might want to see your adjusted gross income. A tax transcript provides this data in an easy-to-use document, thereby eliminating convoluted research through unrelated information. 

It’s worth noting that tax transcripts weren’t always the concise documents that they are today. Only recently did the IRS make changes that provided brevity to tax transcripts. 

Before these changes were made, tax transcripts contained sensitive information, such as your Social Security Number. Fortunately, the IRS sought to remove such information in an effort to protect filers. And in doing so, tax transcripts became instantly less complex. 

It’s now easier for lenders and other agencies to skim through and locate the information they need, as anything sensitive is blocked out.

Available Tax Transcripts

It’s also beneficial that you can request certain sections of your tax transcript, further reducing the need for superfluous information.

Tax Return

The most common of the transcripts, this one is most requested by lenders that wish to see your adjusted gross income and other lines on your return.

Please note that tax return transcripts can only be obtained for the current tax year and three years prior.

Tax Account

Tax account transcripts provide changes you may have made after filing your return. Agencies can also view your basic tax information.

Unlike tax return transcripts, these transcripts can be obtained as far back as 10 years, including the current tax year. However, you must request your tax account transcript online if you need documentation from the last 10 years.

If you request these transcripts via mail or phone, you can only go back three years.

Wage and Income

These transcripts are reserved for specific information about your income. This can include things like a W-2 or 1099, for example.

You may also request wage and income transcripts as far back as 10 years. However, current year data might not be ready if you request it before July.

Record of Account

This is a combination of both your tax return and tax account transcripts. You may only request Record of Account transcripts for the current and previous three years.

Non-Filing Verification

Didn’t file taxes but need to show proof? You can request a letter verifying your non-filing status. But the only way that you can request this document is to do so online. What’s more, it’s only available for the current and previous three years.

How to Request Tax Transcripts

It’s no secret that dealing with the IRS is less than… welcoming. Fortunately, getting the documents detailed above is a free service. As such, you can request them via phone, mail, or online.

The IRS has an online portal that is strictly reserved for requesting various tax transcripts. Please be aware that you will need to verify your identity, and not everyone has the requested information that the IRS asks for (student loan, mortgage, or credit card, for example).

Without the proper information, you won’t be able to view your tax transcripts online. Instead, you may request mailed transcripts, which can take between 5 and 10 days.

If you need help requesting your transcripts, an experienced tax lawyer can help. The Law Office of Mary King deals with the IRS on a regular basis. As such, they can help you with even your most pressing tax issues.

Mary E. King and her team of tax specialists understand how difficult it can be to deal with the IRS — even when requesting tax transcripts. So give them a call if you prefer to simplify things.

Secure the Services of the Law Offices of Mary E. King

We invite you to contact tax lawyer Mary E. King if you have questions or need assistance with your tax transcripts. The Law Offices of Mary King have decades of experience dealing with the IRS and a wide range of tax-related matters.

To request the services of the Law Offices of Mary King, please fill out our online contact form or call us directly at 941-906-7585.

The information in this blog post is for reference only and not legal advice. As such, you should not decide whether to contact a lawyer based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.

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