Whether you’re filing a simple or complicated tax return, it’s critical to make sure it’s accurate and complete. Here's how IRS transcripts can help.
Of course, it's always best to review the original tax forms for complete details, including statements and footnotes, that may be needed for filing, Prinzo said.
For example, you won't see the "basis" or starting price of your investments on a wage and income transcript, which you need to calculate profits or losses, he said.The return transcript may also be useful outside of tax filing season, Keuning said, especially when working with companies or organizations that need to verify your income.
For example, you may need your tax return when applying for a mortgage, small business loans or social services. "The tax transcript works great as a consolidated version of that — a couple of pages versus 150 pages," Keuning said.
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