You should always keep copies of your tax returns for at least three years. But if you accidentally toss out some of that paperwork too soon, don’t stress; you can request a tax transcript from the IRS at no charge.
Although a tax transcript may look different from your original tax return, you can use it when applying for a home loan or college financial aid.
There are different types of tax transcripts, and the most efficient way to obtain one is by creating an account on the IRS website. An online account will allow you to download and view your tax transcripts instantly, says Alton Bell II, enrolled agent, founder and principal accountant of Bell Tax Accountants & Advisors in Chicago.
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Here’s what you need to know for obtaining a transcript from the IRS.
What Is an IRS Transcript?
The IRS offers transcripts at no cost. Your transcript may display tax data, such as your tax filing history or account balance.
Types of IRS Transcripts
- A tax return transcript shows your original Form 1040 tax return as filed, along with any forms or schedules you included. If you made changes by filing an amended return, the updates won’t be reflected on the transcript for your original tax return.
- A tax account transcript provides basic information such as your filing status, taxable income and payment types. This transcript does show any changes made after you filed your original return.
- A record of account transcript combines your tax return transcript and tax account transcript into one complete version.
- A wage and income transcript provides data from your Form W-2, any 1099s or other informational tax documents you received. The transcript is limited to 85 of these “information returns,” or forms. If you have more than 85 documents, the transcript won’t generate.
- A verification of non-filing letter provides information about whether you filed a tax return for the year in question. This transcript is available for the current tax year after June 15, or anytime for the prior three tax years.
How To Get an IRS Transcript
You can order your IRS transcripts several ways. You may request them using the IRS Get Transcript tool, which allows you to view, print or download different transcripts online in one place.
You’ll need to register and verify your identity before you can use the tool, by providing the IRS with a selfie and your government identification. Or, you can opt to verify your identity through a live call with an agent.
If you can’t successfully register online, you can request your transcripts by mail by submitting IRS Form 4506-T, “Request for Transcript,”or by phone by calling 800-908-9946. It can take up to 10 calendar days to receive your transcripts from the date you request them.
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How Do I Get My Actual Tax Return?
If you want a copy of your original tax return, request it from the IRS by completing Form 4506, “Request for Copy of Tax Return.”
But be prepared to fork over some cash. While the IRS doesn’t charge for tax transcripts, copies of your original tax filings cost $43 per tax year. You must mail Form 4506 to the IRS using the form’s instructions.
In some cases, it may be advantageous to request a copy of your original tax return despite the cost.
“The tax transcript is more efficient to obtain, but it is not easy to understand to the untrained eye,” says Bell, of Bell Tax Accountants & Advisors. “The original tax return will provide more detail.”
Be patient if you need a copy of one of your original returns. The IRS estimates the process can take up to 75 calendar days.
