When you call the IRS to request a federal income tax return transcript you have four options depending on the information you are looking for.

1. Tax Account Transcript which is like a bank statement and shows all the credits and payments made to your 1040 return for a specific tax year. The information displayed on the tax account transcript contains, but is not limited to:

• Estimated tax payment history, including payment transfers and credit offsets from other tax periods;
• Refund history, including refunds issued;
• Penalties assessed, including the name of the penalty type;
• Interest assessed;
• Balance due with accruals;
• Adjusted gross income;
• Taxable income;
• Return received date;
• Amended return information;
• Substitute for return information.

This is useful if you need your estimated tax payment information or to verify your return is on extension or see if the IRS filed a substitute for return.

2. Tax Return Transcript which is simply a copy of the tax return. The information displayed on the tax return transcript contains, but is not limited to:

• Type of return filed;
• Filing status;
• Tax shown on return;
• Adjusted gross income;
• Mortgage interest;
• Real estate tax deducted;
• Taxable income;
• Number of exemptions;
• Federal income tax withheld;
• Earned income credit;
• Self-employment income and tax;
• Tax due per return;
• Refund per return;
• Refundable credits;
• Total income;
• Business expenses;
• Wages paid;

This is useful if you are applying for a mortgage or need to amend your return.

3. Record of Account combines the information from the tax account and tax return transcripts. The record of account shows manual changes made by the IRS during processing of the return such as the disallowance of a credit or a dependency exemption.

This is useful if your tax refund is different from the amount on your original return so you can determine what changes were made by the IRS.

4. Wage and Income Transcript will show third party payer information which contains, but is not limited to:

• Wage and salary income;
• Federal income tax withholding;
• Mortgage interest paid;
• Distributions from retirement income;
• Gross proceeds from stock/bond transactions;
• Gross income from non-employee compensation;
• Interest income;
• Dividend income.

This is useful if you are filing or amending your tax return, verifying employment or responding to an IRS notice.

If you have any questions about your tax return, receive an IRS notice or need help resolving an IRS tax problem please call Gregory J. Spadea of Spadea & Associates, LLC in Ridley Park, Pennsylvania at 610-521-0604.