March 20, 2014
Get Tax Transcripts FAST
By Brian Day
In mid-January 2014, the IRS introduced the ability for taxpayers to instantly view and print tax transcripts. Prior to the introduction of this new online service, taxpayers were able to request either returns or transcripts, which would take approximately 5-10 days to be delivered.
The new online feature will give taxpayers instant access to:
- Tax Return Transcripts—Reflecting most items from the tax return as it was originally filed. (It does not reflect any changes made after it was originally filed.)
- Tax Account Transcripts—Showing any adjustments made after the return was filed, including basic data, such as marital status, type of return, gross and taxable income.
- Record of Account Transcripts—Combines the information from a tax return transcript and a tax account transcript.
- Wage and Income Transcripts—Provides data from W-2s, 1099s, 1098s, etc.
- Verification of Non-filing Letter—Proof from the IRS that the taxpayer did not file a return this year.
To access this feature, follow this link: http://www.irs.gov/Individuals/Get-Transcript.
Below is the screen that will prompt your options:
• View and print your transcript immediately.
• Choose among Tax Return, Tax Account, Record of Account, or Wage and Income transcripts or a Verification of Nonfiling Letter.
• Need help? More information about Get Transcript Online.
• Transcripts arrive in 5 to 10 calendar days.
• Choose from either a Tax Return or Tax Account.
• Transcript by Mail is available en Español.
After creating an account and signing in, the taxpayer will answer security questions and have immediate access to a page listing the years available for each transcript. Tax return and tax account transcripts are available for the current year plus the previous 3 processed years. Wage and income transcripts are available for the past 10 processing years.
This is a quick and easy way for taxpayers to get immediate access to their past tax return information.
Contact your Marcum Tax Professional today to learn more about this useful new feature.