What is a tax return transcript?

A tax return transcript is a document issued by the Internal Revenue Service (IRS) that provides an account of a taxpayer’s filing history along with income and tax payment information. It provides the same information as a tax return but without the actual documents. In Washington, a tax return transcript is used by the IRS and other organizations, such as financial institutions and universities, to verify information from a taxpayer’s most recently filed tax return. For example, a financial institution may use a tax return transcript to review the income of an applicant for a loan. A university may use it to verify a student’s financial information for financial aid qualification. A taxpayer can request a tax return transcript by completing and submitting IRS Form 4506-T, which can be downloaded from the IRS website. There is no cost to request a transcript. A tax return transcript will typically arrive within 5 to 10 days after the request is received. It is important to note that a transcript is not the same as a tax return, and a transcript cannot be used to file a tax return or amend a tax return. Additionally, a transcript can only be requested by the taxpayer or a third-party with the taxpayer’s written authorization. In Washington, it is important to have an accurate tax return transcript in order to ensure that taxes are properly filed and paid.

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What is a tax return transcript?

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