What is on a tax transcript?
Question by TS27: What is on a tax transcript?
I am in the process of purchasing a home and I received a call from my bank requesting 2007 and 2008 TAX TRANSCRIPTS. They left me a message so didn’t actually talk to anything and my mortgage lender guy is out of the office til Friday. I already gave them my 2007 and 2008 tax return information.
So I called the IRS and ordered both of the transcripts but I am wondering why they would request tax transcripts and also what is on a tax transcript?
I have done research to find information but I am not coming up with anything that meets my needs. Below is the information I have found on the IRS website which I don’t really understand.
“A tax return transcript shows most line items from your tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes you, your representative or the IRS made after the return was filed. In many cases, a return transcript will meet the requirements of lending institutions such as those offering mortgages and for applying for student loans.”
I would like to know what information is going to be show on the tax transcripts?
Thanks for the help!
Best answer:
Answer by Mr. Bottomfeeder
It’s the document that says please make checks payable to ACORN
What do you think? Answer below!
Tags: Form 1040, Form 1040A, Form 1040EZ, Irs, lending institutions, Mortgages, Student Loan, tax return, tax transcript
all you tax information not in the form of a 1040
you have to pay for a copy of your 1040 for past years, so the bank is apparently willing to accept the transcripts
if you have your copies, simply take them to the bank
A transcript of a tax return shows most line items contained on the return (1040 series only)
as it was originally filed, including any accompanying forms and schedules. It does not reflect
any changes made by the taxpayer, his/her tax representative or the IRS after the return was
filed. In many cases, a return transcript will meet the requirements of lending institutions,
such as those offering mortgages and student loans.
A trascript is basically the same info as on your return, but in a different format – it’s a computer printout. If they aren’t satisfied with the copies of your returns, they might be wanting verification from the IRS that it’s really what you filed.