IRS Transcript: How Do I Request One?

Key takeaways

• An IRS tax transcript shows key information from your tax return, such as your income, deductions, and payments.
• Tax transcripts may come in handy when applying for a loan, financial aid, or government benefits, as well as resolving tax issues.
• The IRS offers many different transcripts, including Tax Return Transcripts, Account Transcripts, Record of Account Transcripts, Wage and Income Transcripts, and Verification of Non-Filing Letters.
• You can request IRS tax transcripts online or by mail.
• Code 570 signals that your return and refund require additional scrutiny before processing.
• Code 150 typically signifies that your tax return has been filed successfully and has passed the initial processing stage.
• Code 766 signifies that a tax credit has been applied to your tax account.

What is an IRS tax transcript?

An IRS tax transcript is like a roadmap of your tax history. It's a document that shows key information from your tax returns, like what you reported as income, what deductions you claimed, and any payments you made. Think of it as a snapshot of your tax situation at a particular point in time.

What’s the difference between a tax return and a tax transcript?

Your tax return is the big kahuna, the document you fill out and submit to the IRS every year to report your income, deductions, credits, and any taxes owed or refunds due. It's like your financial report card for the year, showing how much you earned and what Uncle Sam gets (or gives) in return.

Think of a tax transcript as a summary or snapshot of your tax return. It's not a full-blown copy of your return showing each form. Instead, it's a condensed version that shows the information on your tax return, like your income, deductions, credits, and payments. It's useful for proving your income and tax history as an alternative to printing out all the forms in the tax return. To put it simply, your tax return is the full story, while the tax transcript is like the CliffsNotes version.

Why would someone need a tax transcript?

You may be wondering why you might need a tax transcript when you could just get a copy of your tax return. There are many different circumstances when a tax transcript may come in handy.

• Applying for loans: Whether it's a mortgage, car loan, or student loan, lenders often want to verify your income and tax history before approving your application. By providing your tax transcripts, you can help lenders assess your financial situation accurately and make a more informed decision.
• Applying for financial aid: If you're a student applying for federal financial aid, you'll likely need to provide proof of your income and tax information. Tax transcripts can help verify your financial need and eligibility for various types of aid, like grants, scholarships, and student loans.
• Resolving tax issues: If you're dealing with disputes with the IRS, audits, or other tax issues, having your tax transcripts can be crucial. They provide an official record of your tax history, which can help you and the IRS resolve any discrepancies or issues more efficiently.
• Applying for government benefits: Certain government programs and benefits, such as Social Security disability benefits or housing assistance, may require proof of your income and tax information. Tax transcripts can serve as official documentation to support your eligibility for these benefits.
• Replace lost tax return copies: If you've lost copies of your past tax returns, tax transcripts can serve as a substitute. They provide most of the information included in your original tax return, making them useful for filing past tax returns or amending previous filings.

Types of tax transcripts

When it comes to IRS transcripts, there isn't a one-size-fits-all option. The IRS offers several types of transcripts, each serving a different purpose. Let's break them down.

• Tax Return Transcript: This transcript gives you a glimpse into your original tax return, showing most line items from your Form 1040-series return as filed. It also includes any attached forms and schedules. However, it won't reflect any changes you’ve made after you filed your original return. You can get this transcript for the current tax year and the last three previous tax years. It's commonly used for things like applying for mortgages, because it provides lenders with the essential financial details they need.
• Tax Account Transcript: If you want to see basic data, like your filing status, taxable income, and payment types, this is the transcript for you. Unlike the tax return transcript, it does show any changes you’ve made after you filed your original return. You can access this transcript for the current tax year as well as for the previous nine tax years.
• Record of Account Transcript: This transcript combines the information from the tax return and tax account transcripts, giving you a comprehensive view of both. It's available for the current tax year and the last three tax years. This is the most inclusive transcript, but you should still request the Wage and Income Transcript to verify all wage and income data forms.
• Wage and Income Transcript: This transcript shows wage and income data from forms, like W-2s, 1098s, 1099s, and 5498s. Keep in mind that it's limited to about 85 income documents. If you have more than that, you'll need to submit Form 4506-T. You can access this transcript for the current tax year and the nine prior tax years.
• Verification of Non-Filing Letter: If you need to prove that you didn't file a tax return for a particular year, this letter comes in handy. It states that the IRS has no record of a processed Form 1040-series tax return as of the date of the request. You can get this letter for the current tax year after June 15, or for the past three tax years.

Each type of transcript serves a specific purpose, so make sure you request the one that fits your needs.

How do I get my tax transcripts?

Whether you’re applying for a mortgage or trying to resolve a tax issue, you can get any of the above tax transcripts from the IRS at no charge. There are a couple of ways to access your tax transcripts, either online or by mail.

Remember, different types of transcripts may have different availability periods, so make sure to check which years are covered before making your request. Always double-check the information you provide to ensure accuracy and avoid delays.

Get an IRS transcript online

The easiest and quickest way to get your transcripts is through the IRS's online tool called Get Transcript Online, which you can access on the IRS website. Once you're there, you'll need to verify your identity through ID.me, then create an account or log in if you already have one. Then, follow the prompts to request the type of transcript you need. Depending on the type of IRS tax transcript you’re looking for, you may be able to view, download, or print it instantly.

Get an IRS transcript by mail

If you prefer, you can request your transcripts by mail. Simply fill out Form 4506-T, Request for Transcript of Tax Return. Once you've filled it out, mail it to the address listed on the form. Be sure to specify the type of transcript you need and the tax years you're requesting.

Alternatively, you can get tax transcripts by mail when you call the IRS’s automated phone number, 800-908-9946.

What is Code 570 on an IRS transcript?

Code 570 appearing on your IRS transcript signals that your return and refund require additional scrutiny before processing. Essentially, it means your return is on pause until the necessary review is completed, and there are several common reasons why Code 570 might pop up on your transcript.

Common reasons for Code 570

• Your reported tax credit amounts, like the Child Tax Credit or Earned Income Tax Credit, don't match what the IRS has on record.
• The stimulus payment amounts you reported don’t match what the IRS has recorded.
• Your reported wages don't match what your employer reported.
• Additional verification of your identification is required.
• You filed for an Injured Spouse Allocation using Form 8379.

When Code 570 appears, it means your return is in a holding pattern until the IRS can finalize its review. This can delay the processing of your return and any associated refund until the IRS completes its investigation and resolves any discrepancies.

This can mean that your refund will be delayed, depending on the complexity of the situation, resolving these issues may take some time.

In most cases, there’s not much you can do to move along the process. The IRS will resolve the problem, and then process your return and refund. However, if the IRS requires more information from you, it will reach out.

If you're unsure why Code 570 is on your transcript or if you need clarification on the next steps, you can always reach out to the IRS for assistance. They can provide more information about the review process and any actions you need to take to resolve the situation.

What is Code 150 on an IRS transcript?

Code 150 typically signifies that your tax return has been filed successfully and has passed the initial processing stage. Essentially, it's an acknowledgment from the IRS that they've received your return and have begun processing it.

What you need to know about Code 150

• Code 150 means that your tax return has been accepted by the IRS. This indicates that your return meets the basic requirements for processing and has passed the initial validation checks.
• Once Code 150 appears on your transcript, the IRS has begun processing your return. This involves reviewing the information you've provided, calculating the amount you owe or refund amount, and updating their records accordingly.
• Unlike some other codes that may signal issues or delays with your return, Code 150 generally indicates that everything is proceeding as expected. There's typically no action required on your part at this stage.

Overall, Code 150 is a positive indicator that your tax return has been successfully received and is progressing through the initial processing stages. While it's essential to keep an eye on your transcript for any updates or changes, seeing Code 150 should provide some reassurance that your return is on the right track.

What is Code 766 on an IRS transcript?

When you spot Code 766 on your tax transcript, it's a reason to celebrate. This code signifies that a tax credit has been applied to your tax account, potentially leading to a lower tax bill or a bigger refund.

What you need to know about Code 766

• Common tax credits that trigger Code 766 on your tax transcript include Child Tax Credit, Child and Dependent Care Credit, Earned Income Tax Credit, and Electric Vehicle Tax Credit.
• If you opted to apply an overpayment from a previous tax year to the following year, this credit will also be listed under Code 766. Taxpayers often choose this option when they anticipate higher income in the subsequent tax year and wish to offset their future tax liability with the overpayment.
• Generally, if Code 766 appears on your tax transcript, the IRS will send you a letter explaining the reason for the code. In most cases, no action is required on your part.

Encountering Code 766 on your tax transcript signals a positive development, as it reflects tax credits applied to your account.

In conclusion, whether you're tracking the progress of your tax return, verifying income for loans or financial aid, or addressing discrepancies, IRS transcripts provide a comprehensive record of your tax activity.

Want to learn more about IRS tax transcripts? Visit the IRS’s website or work with a Tax Pro who can help.

About the Author

Mark Steber is Senior Vice President and Chief Tax Information Officer for Jackson Hewitt. With over 30 years of experience, he oversees tax service delivery, quality assurance and tax law adherence. Mark is Jackson Hewitt’s national spokesperson and liaison to the Internal Revenue Service and other government authorities. He is a Certified Public Accountant (CPA), holds registrations in Alabama and Georgia, and is an expert on consumer income taxes including electronic tax and tax data protection.

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