Hi, this is Michael O'Leary from By-The-Book Taxes. Today, we're going to talk about tax transcripts and why they matter. The other day, I had a client call me, and he was very upset because he didn't receive the full amount of his 2017 refund. There were problems with prior year balances, so the IRS took some of the 2017 refund to satisfy those. I'm trying to help him figure out what happened. The first step is to get a power of attorney with the client and request tax transcripts. Transcripts show the detailed history of a client's recent tax activity. Some of the things you can see on these transcripts are things reported to the IRS regarding income (W2 income, 1099 income, investment income), deductions, mortgage interest payments, credits, refunds, and balances. There are five different tax transcripts, but for today, we will focus on the first four. The first transcript is the tax return transcript, which looks very similar to the actual 1040 tax return. It shows all the different line items and dollar amounts. The next transcript is the tax account transcript, which provides a summary level view of how much is owed in penalties, payments, credits, etc. The wage and income transcript is the third one, which reports all the income documents that the IRS received from third parties like employers, banks, and brokerage companies. The fourth transcript is called the record of account transcript, which combines features of the tax return transcript and the tax account transcript. It is critical to be able to read and understand these transcripts because clients often don't provide all the necessary information. Before solving a client's problem, it's important to fully understand their situation, and reviewing the transcripts is the best way to do that. The transcripts act as a roadmap and...
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Irs tax transcript Form: What You Should Know
Tax year are only allowed to request one tax return transcript (one copy) using Form 4506-T. If you are filing a return for the first time or using a tax year beginning in the next calendar year, then you only have one copy of any transcript requested. Include the following information in Form 4506-T: Form 4506-T with Tax Year (Year 1 or 2), Return Amount Tax Period(s) of Return, Number of Tax-Appropriated Taxpayer Date of birth Include the name of the mayor if you are requesting a transcript For further information, go to. Get Transcript | Internal Revenue Service Dec 14, 2025 — Taxpayers may be able to ask the IRS to reduce or eliminate their tax debt if they have a credit or refund balance, but cannot obtain other tax The IRS can provide an individual taxpayer, or a group of taxpayers who have been assigned joint tax status, with information on their credit balance, non-refundable credits and refundable credits that could reduce their debt if other taxpayers in their group have no credit balance. This information is provided with an Individual Taxpayer Responsibility Request form (Form 4506-T). The form is available at the Taxpayer Assistance Center with a copy of a personal income tax return or an IRS Demand Notice. Individual Taxpayer Responsibility Request | Internal Revenue Service Tip: Get faster and more frequent service: Free e-services at IRS.gov, Free e-services at Get Transcript, Free e-services at Get Request for Transcript of Tax Return. You may also choose from an online IRS service. Get Transcript | Internal Revenue Service Tip: Get faster service: Get Transcript in Your Time — Online on, Get Transcript by Mail or by calling and for specialized assistance. Get Transcript FAQs | Internal Revenue Service For information on obtaining a transcript, such as how to request a tax return transcript of a previous year's return, go to The IRS Transcript FAQs on the U.S. tax software FAQs page, or call. Tip: Get faster and more frequent service: Free e-services at IRS.
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