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Video instructions and help with filling out and completing irs tax transcript
Hi this is Michael O'Leary from by-the-book taxes what we're going to talk about today are tax transcripts and why they matter the other day I had a client call me and he was very upset he had a problem he didn't get the full amount of his 2021 refund there were problems with prior year balances do so the IRS took some of the 17 refund to satisfy those so I'm trying to help him figure out what happened the way you do it is first of all to get a power of attorney with the client and they knew Paul transcripts transcripts show the detailed history of a client's recent tax activity some of the things you see on these transcripts or things reported to the IRS regarding income w2 income 1099 income investment income deductions mortgage interest payments that have been made whether through withholding or estimated payments credits refunds balances do pretty much everything five different tax transcripts we're really going to deal with the first four today the first one is the tax return transcript which looks very much like the actual 1040 tax return shows all these different line items and the dollar amounts the next transcript is the tax account which is more of a summary level which shows how much is owed penalties payments credits things like that the next transcript is the wage and income transcript which is basically a reporting of although income documents that the IRS received from third parties employers banks brokerage companies if you got 1099s from contractors or retirement distributions anything like that and the fourth one 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 these transcripts and understand what they are telling you many times clients will say one thing but they don't necessarily give you all the information they don't tell you everything that happened so the best way before you can solve a client's problem is to understand the situation and the way you understand the situation is to pull the transcripts go over them on a line by line basis so you can actually see the history the transcripts are a road map and tell you how the client got from point A to where they are now here's some of the questions that the transcripts can help you answer what happened here how did the client end up hauling a bunch of money to the IRS or having their most recent refund the most recent refund for the current tax year taken to pay back taxes is the client telling you everything they don't always sometimes they'll say hey I got screwed my last tax professional made a lot of mistakes well guess what maybe some of that's true but maybe you didn't report all of your income on your tax return so that when you got a bill and.