A tax transcript summarizes the information on the return and includes adjusted gross income (AGI). In most cases, the transcript contains all the tax information you need. For example, when applying for a mortgage mortgage or financial aid for college, transcripts are often needed. A transcript shows your tax information specific to the type of tax file you're requesting.
An IRS transcript is a record of your previous tax returns. You can choose to receive them online or by mail. Request a transcript on the IRS website. IRS transcripts can be useful in providing information to lending institutions where you could apply for a student loan or mortgage.
An IRS tax transcript contains a summary of the elements of your tax return, but only partially shows your personal information to protect your privacy. Mortgage lenders typically require at least two years of tax information to verify their income and generally want to receive it directly from the IRS instead of receiving it from the borrower. Because the full tax identification number is no longer visible on most transcripts, the IRS created an optional field where a customer file number can be entered, which will appear on the transcript. If you need a tax transcript, you can request it any time for free through the IRS Get Transcript website.
The IRS will provide unmasked transcripts of wages and income when necessary to prepare and file tax returns. Learn what situations may require an IRS tax transcript, as well as how to request your tax transcript and how to interpret it when it arrives. You can simply find this information by downloading your IRS tax transcript online or by requesting a copy in the mail. The IRS better protects your information against identity theft by partially masking the personally identifiable information of everyone listed in the transcripts.