1. Return Transcript
What it is:
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A summary of your original tax return (1040, 1120, etc.), showing line-by-line numbers you filed.
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Not a full copy of your return (no attachments like schedules or forms).
Used for:
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Verifying income for loans/mortgages.
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Audits or correcting errors.
Example:
You filed a 1040 showing $50,000 income. The Return Transcript lists your wages, deductions, and tax owed—just like your original form, but without supporting docs.
Available for:
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Individuals (1040), Partnerships (1065), Corporations (1120, etc.).
2. Account Transcript
What it is:
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Shows IRS account activity after you filed:
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Payments you made.
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Penalties/interest charged.
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Adjustments (e.g., IRS changes to your refund).
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Used for:
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Tracking refunds/payments.
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Resolving IRS notices.
Example:
Your Account Transcript shows:
2023 tax filed: $5,000 owed.
Payment 4/15/24: $5,000 sent.
Adjustment 5/1/24: IRS added $200 penalty for late payment.
Available for:
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Almost all returns (broader than Return Transcript).
3. Record of Account Transcript
What it is:
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A combo of Return + Account Transcripts—most detailed option.
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Shows both your original return data and IRS adjustments.
Used for:
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Deep audits or disputes.
Example:
Combines:
Your filed 1040 (from Return Transcript).
IRS changes (from Account Transcript).
Available for:
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Current year + 3 prior years only.
4. Wage and Income Transcript
What it is:
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Lists W-2s, 1099s, 1098s reported to the IRS by employers/banks.
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No state/local data (just federal).
Used for:
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Proving income if you lost W-2s.
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Filing back taxes.
Example:
Shows:
W-2: ABC Corp, $40,000 wages.
1099-INT: Bank XYZ, $500 interest.
Available for:
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Up to 10 years (longer than other transcripts).
5. Non-Filing Transcript (Verification of Non-Filing Letter)
What it is:
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Proof the IRS has no record of you filing a return for a specific year.
Used for:
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Applying for student aid (FAFSA).
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Social Security benefits.
Example:
You need to prove you didn’t file a 2023 return. The letter states: "No 1040 found for 2023."
Key Differences at a Glance
| Transcript Type | Shows Original Return? | Shows IRS Adjustments? | Shows W-2s/1099s? | How Far Back? |
|---|---|---|---|---|
| Return Transcript | Yes (basic lines) | No | No | 3–10 years |
| Account Transcript | No | Yes (payments, penalties) | No | 10+ years |
| Record of Account | Yes + IRS changes | Yes | No | 3 years |
| Wage and Income | No | No | Yes | 10 years |
| Non-Filing Letter | N/A | N/A | N/A | Current year |
Why This Matters for Exams
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Return Transcript = What you filed.
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Account Transcript = What the IRS did after you filed.
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Record of Account = Both combined.
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Wage Transcript = Backup for missing W-2s.
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Non-Filing Letter = Proof you didn’t file.