Often the IRS is quick to tell you that you are missing a tax return or that you owe a penalty. They do not make the correction process easy. So to understand what has been reported to your ID number, such as income or deductions, one must request transcripts to know what the IRS knows.
There are multiple type of transcripts you can request and multiple ways to request them. Here is a short list followed by the full link to the information published by the IRS on this topic.
- Transcript of Tax Return – Contains most forms filed on your tax return, line by line. Could be requested if fraudulent activity is suspected on your account. Goes back 3 years plus current year.
- Tax Account Transcript – Shows basic information filed on your return plus changes that have been made to the original filing. Goes back 10 years plus current year.
- Record of Account – MY FAVORITE. Because it combines the prior 2, so why not.
- Wage and Income Transcript – Forms W-2, 1099, 1098 and Form 5498, IRA Contribution Information reported to your ID.
- Verification of Non-Filing Letter – Tells you that nothing has been filed. Congrats!!