Why might you need a transcript? If you keep meticulous records and have all of your tax information neatly organized, you might not ever need a tax transcript. You’ll have your full 1040 to pull exactly what you need.
In the event, you may have misplaced your documentation or it isn’t complete, you may need to pull your transcript to provide an official record of your tax information.
One common instance where you might need a tax transcript is when you apply for a mortgage and the lender wants to see a record of your tax history. Mortgage lenders commonly require at least two years of tax information to substantiate your income and typically want to receive it directly from the IRS rather than from the borrower.
You may also need a tax transcript when you apply for financial aid from a college or university through FAFSA. As another common example, you might need to have your tax transcript when you apply for federal health care programs like Medicaid.
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How can you get your tax transcript? There are two main ways to get your tax transcript from the IRS:
Request your tax transcript online. This is the fastest way to request your transcript. Go to the Get Transcript Scroll down to the “Request Online” section and click the “Get Transcript Online” button. Register for the service and provide identifying information, including your social security number (SSN), date of birth, and filing status. You’ll need access to your email account, and you’ll also need to supply account information from a financial product or service like a credit card, mortgage, or home equity loan. Request an IRS transcript by mail. Transcripts usually arrive in five to 10 calendar days. Visit the same Get Transcript site used for requesting your transcript online. Click “Get Transcript by Mail” under the “Request by Mail” section. You’ll need your SSN or Individual Tax ID Number (ITIN), birth date, street address, and postal code. Transcripts will arrive at the address the IRS has on file for you so if you have moved you will need to change your address with the IRS before requesting the transcript. What if you need your actual tax return? If your tax transcript won’t meet your needs, you can still access your tax return in other ways. If you used TurboTax Online to prepare your taxes, you can access your tax return by signing in to your TurboTax account and navigating to the “Your tax returns & documents” section.
If you prepared your taxes in another way, you need to complete IRS Form 4506 and mail it to the IRS along with a $43 fee for sending you a copy of your tax return (unless you live in a federally declared disaster area). These requests can take up to 75 days to process. So, you’ll want to make sure a tax transcript won’t cut it before starting this process.
Remember, with TurboTax , we’ll ask you simple questions about your life and help you fill out all the right tax forms. With TurboTax, you can be confident your taxes are done right, from simple to complex tax returns, no matter what your situation.