Thursday, October 8, 2015

How to Obtain a Transcript to View Tax Account Transactions

By Grace K. Trueman

There are many reasons you may need a copy of your tax return information from a prior year. You may need it when applying for a home mortgage or, for us, when you are administering an estate or trust. If you don’t have your copy, the IRS can help. It’s easy to get a free transcript from the IRS. We highly recommend having your confidential identification information handy before proceeding or running a public records search if you are acting in a fiduciary capacity (i.e., Westlaw public records search).

How to Get a Transcript: You can request transcripts online, by phone or by mail. Both types of transcripts are free of charge. They are available for the most current tax year after the IRS has processed the return. You can also get them for the past three tax years.

We have been using the ‘Get Transcript’ tool available on IRS.gov. You can use this tool to confirm your identity and to immediately view and print copies of your transcript in a single session for free. The tool is available for five types of tax records; tax account transcript, tax return transcript, record of account, wage and income and verification of non-filing. This is a great way to make sure that you are accounting for any income in preparation for filing this year’s taxes. Delivery times for online transcripts are immediate.

For more information or questions, please contact Grace K. Trueman in our Troy, Mich. office at 248-433-7583.