As a student, either in high school or college, do you remember requesting your education transcript? You probably needed it to register with a university, apply for a scholarship or grant, or even transfer to another college. Whatever your reason may have been to ask for one, your transcript contained your permanent academic record with all classes taken, grades you’ve received, and all honors and degrees you’ve earned. It backtracks a lot further than any of us would probably care to remember.
“So what does a school transcript have to do with taxes?”
Well, the same concept of backtracking your school records also applies to your tax records in what is appropriately called a tax transcript. If you’re unable to find a copy of a prior tax return, or you struggle with keeping records, the IRS provides tax information transcripts.
Transcripts are available for free and usually backtrack from the current year into the past three years. They show most of the line items you filed with your last tax return as well as any items from accompanying forms or schedules. However, it may not show any changes if you had to file an amended return after your original.
A specific tax account transcript can provide your
- Marital status
- Last return filed
- Adjusted gross income
- Taxable income
And a tax account transcript can show any changes from an amended return.
Tax transcripts are available for free, and you can request them either online, by phone, fax, or mail. Unfortunately, during the time this blog was written, the IRS has halted on online requests. You can still inquire through the IRS website, but your transcript will be mailed.
You can expect to receive your transcript within five to ten days after the IRS obtains your request. The IRS states that phone and online are the quickest methods. But if you have to request by mail or fax, you’ll need to file a Form 4506-T or a 4506T-EZ.
There are also factors that can directly affect the availability of your tax transcript, such as how you filed your return (paper or electronically), or if you have a balance or refund due with the IRS.
So quit tossing your room or office space upside down looking for past returns; your tax transcript could have all the prior tax information you may need. Tax seasons don’t have to be stressful, and another way to get your taxes done with ease is with ExpressTaxFilings. We offer an easy-to-use, seamless process to e-filing your 1099s, W-2s. and Extension Form 8809 quickly and securely.
For any questions or assistance e-filing with ExpressTaxFilings, contact our support team of live professionals at our office located in Rock Hill, South Carolina. You can call (704) 839-2270 Monday through Friday from 9am to 6pm EST, email at firstname.lastname@example.org, or live chat with us at www.expresstaxfilings.com.