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Obtaining IRS Transcripts

 

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Obtaining an IRS Transcripts

 

When attempting to solve any IRS problem, it is best to have the information to make the best decision and form a "Plan of Action." It is best first to obtain your transcripts from the IRS.

What is an IRS Transcript?

There are five types of IRS transcripts:

  • Return Transcript - This is a computer-generated summary of every line on your return.  If you want a copy of the actual return, use Form 4506.
  • Account Transcripts - This is a chronological record of all transactions on your account.  It shows the filing or assessment date, penalty & interest assessments, payments, seizures & adjustments.
  • Record of Account - This combines the Return Transcript & the Account Transcript.
  • Wage & Income Transcript - This shows all 3rd party records filed with the IRS for you.  It is not simply income items but includes many types of filings.  This includes W-2's, 1099's, 1098's, 5498's, etc.
  • Verification of Non-filing Letter - Provides proof that the IRS has no record of a filing.

How to get a Transcript

  1. If you are being audited, you can ask the assigned Tax Examiner or Agent for all transcripts.  Call or fax your request directly to the Examiner or Agent listed on the audit notice.
  2. Go online - IRS.gov (Only for the Last 3 Years) The IRS usually gives you a "PIN" so you can access their online system freely.  See Letter 2940C
  3. Call the IRS at 1-800-829-7650* (For More than 3 Years of Records)
  4. Visit a local IRS office.

*Telephone calls to the IRS: It is best to call the IRS at 7 AM on the east coast (EST).  That way, you can catch them when they first open.  The IRS presents you with various "menus" to choose from when you call.  To speak with an IRS representative and order your Transcripts, push the option which states, ". . . for a detailed review of your account . . .".  After waiting up to an hour, you will finally speak with someone.

What to do with Transcripts

It would be best to use the transcripts to compare your tax returns, records of withholdings, and estimated payments to verify that all filings have been correctly made and payments properly applied.  If not, there are solutions available, including filing an Amended Return.

If you feel uncomfortable handling the situation or need to form a Plan of Action, have all of the transcripts available and set up a conference call to "Investigate to Reduce your IRS Debt."

 

 

 

 

 

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