IRS Released "Get Transcript" Application for Real Time Downloading of Information on Your Tax Account - John R. Dundon II, Enrolled Agent
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IRS Released “Get Transcript” Application for Real Time Downloading of Information on Your Tax Account

Business Entity Selection and the Tax Consequences of Converting

IRS Released “Get Transcript” Application for Real Time Downloading of Information on Your Tax Account

Any individual taxpayer can view, print or download their own transcripts on-line in Real-Time using a computer or Smart Phone. You simply go to www.IRS.gov and enter  GET TRANSCRIPT in the site search bar, OR …

Click here –> http://www.irs.gov/Individuals/Get-Transcript#!

This is a giant leap forward for working with the IRS. Once in their system a user creates a user profile by identifying himself (SSN and DOB) and answering a number of security questions (standard public database questions like what what year did you purchase your home, how much did you pay for your home, etc).

After successfully negotiating the security questions, the user creates a account with a User Name and associated Password (min of 8 characters, Upper Case/Lower Case, Numbers, Special Characters)

My friend Bill’s Experience setting up and using the new system:

I signed in, identified myself, and answered a number of standard security questions;

I then created a profile with challenge Q&A like:

Who was the best man at your wedding?

What street did you live on in the 3rd grade?

What was your High School Mascot?

Etc.

Finally, create a User Name and password.

Good News – IRS requires STRONG Password:

  • At least 8 characters long
  • At least one special character (@#$%^&)
  • At least one letter and one number
  • At least one upper case and one lower case letter

I then was able to access my own transcripts – can be viewed, printed or downloaded as a PDF.

Definitions of the various types of Transcripts

Account Transcript – History for Each Tax Year

Tax Account Transcripts is a history of each tax year – shows estimated payments made for current tax year (2013) as well as showing when the return was filed, filing status, number of exemptions, AGI, Taxable  Income, refund / balance due, etc. An illustrated example is included.

Return Transcript

Tax Return Transcripts show most line items from your tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. This transcript does not reflect any changes you, your representative or the IRS made after you filed your return. In many cases, a Return Transcript will meet the requirements of lending institutions offering mortgages and student loans.

Record of Account

Record of Account Transcripts combines the information from tax account and tax return transcripts.

Wage & Income

Wage and Income Transcripts show data from information returns, such as W-2s, 1099s and 1098s, reported to the IRS. Most recent year information may not be complete until January of the following year.  Most Wage and Income Transcripts are reasonably complete by mid-summer but the database continues to develop throughout the year.

Verification of Nonfiling Letter

Verification of Nonfiling Letters are proof from the IRS that you did not file a return. Current year requests are only available after June 15.  A taxpayer may fail to file a tax return even though he/she has a filing requirement. This letter does not address whether or not the taxpayer should have filed a tax return.