The IRS has implemented a new online tool that allows a taxpayer to retrieve, download and print a copy of their federal return transcript for the three prior years (and current year after it has been filed). This will eliminate the need to wait five to ten days while the IRS mails a copy of the transcript to the taxpayer.
The new Get Transcript application operates as follows:
1 – Once the taxpayer accesses the page, they will select Get Transcript Online
2 – The taxpayer will be walked through an authentication process.
3 – Once authenticated, the taxpayer will see a screen that gives them the option to select:
Tax Return transcript:
Shows most line items on the tax return as originally filed, including accompanying forms and schedules.
Tax Account transcript:
Provides any adjustments that were made to a return after it was filed.
Record of Account transcript:
Combines the information from the tax return and tax account transcripts.
Wage and Income transcript:
Shows data from the taxpayer’s W-2s or 1099s reported to the IRS for the particular tax year.