TYPES OF TRANSCRIPTS

The most common transcript types are:

 

• Account transcript - this will show:
  • If return has been filed or not
  • If so the AGI and total tax
  • The current account balance
  • Estimated payments
  • All charges and credits to the account 
  • Notices issued
  • Installment agreement 
  • Etc.

 

 

The most common use of this type of transcript to verify estimated payments and applied overpayment. 

 

You may need an account transcript for both spouses if the IRS has not combined their joint account. It is common we have to call and get payments moved from the secondary to primary spouse account. We cannot request the payment move until after the return is filed MFJ for the year.  2. Update years 2024 instead of 2023 and 2023 instead of 2022 - Wage/income transcript - this transcript is available mid-July the following year. Example:  July 2023 for the 2022 tax year. This transcript shows forms such as: W-2, 1099, & K-1’s reported to the IRS for that SS#.

 

• Wage/income transcript - this transcript is available mid-July the following year. Example:  July 2023 for the 2022 tax year. This transcript shows forms such as: W-2, 1099, & K-1’s reported to the IRS for that SS#.

 

This transcript can be used when missing documents are needed to prepare a return. 

 

*Please note if a document such as a W-2 shows up on the transcript but the client did not give to you please verify with them it is theirs. We have seen some identity theft issues. 

 

*Please note that if the wage/income transcript contains over 190 forms it is not complete, and you will need to rely on actual documents.  This is especially the case with 1099-B transactions. 

 

 

TCD will do routine bulk pulls for all 1040 clients throughout tax season. You only need to do an individual request if you are in immediate need of a transcript and can’t wait till the next bulk pull date. 

 

A signed POA is needed to request transcripts.  If we don’t have a POA on file we will create it and request client signature. We will attempt to pull the requested transcripts from our software if the POA has been processed by the CAF unit. A call to the IRS may be required. If so, it will take longer to fulfill the request.