What Is An IRS transcript?

A IRS Transcript summarizes tax information that was reported to the IRS.  Transcripts are often necessary when applying for home mortgages or college financial aid.  They may also be needed if one want to file an “old” tax return and have lost or misplaced their original documents (i.e. W2s, 1099-MISC, 1099-DIV, 1099-INT, etc).  They are also used when a person has tax debt and needs to perform analysis to determine their CSED.

Transcript Types

The IRS offers the following transcript types to taxpayers at no charge (with the exception of an actual copy of your return noted at the bottom of this post):