Transcripts

On February 27, 2014 IGMR received correspondence from the IRS regarding transcripts.

Hi, XXXXXX. I wanted to pass on some language that was added to our filing season page (http://www.irs.gov/uac/Newsroom/Filing-Season-Update). It addresses transcripts and how they really aren’t a good indicator of when a refund is coming.

Will ordering a transcript help you determine when you’ll get your refund?

No, a tax transcript will not help you determine when you will get your refund. This is among the common myths and misconceptions that are often repeated in social media. The codes listed on tax transcripts do not provide any early insight into when a refund will be issued. The best way to check on your refund is by visiting “Where’s My Refund?” While transcripts include a lot of detailed information regarding actions taken on your account, the codes do not mean the same thing for everyone and they do not necessarily reflect how any of these actions do or do not impact the amount or timing of your refund. IRS transcripts are best and most often used to validate past income and tax filing status for mortgage, student and small business loan applications and to help with tax preparation.

For more answers to common refund questions visit our 2014 Tax Season Refund Frequently Asked Questions page.

 

 

 

What is a transcript?

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. A tax account transcript shows any later adjustments either you or the IRS made after the tax return was filed. This transcript shows basic data, including marital status, type of return filed, adjusted gross income and taxable income.

What does IGMR think about transcripts?

Please see the various posts from our users about this topic old threads can be found on the Hot tab or in the forums.

jemar707311 (admin) said: Ordering transcript can only definitively mean you exist to the IRS. However, it has been a theory around here that after transcript success, you have made some progress and are likely o get a hard DD soon. But please kep in mind that it has also been reported that after success at transcript, you could still be held up for various reasons.

I just don’t want this site to ever lead someone down the road of rejoicing or exploding based on us providing “definitive” type information that could be inaccurate. Please if you are offering your advice or experience, whether it be re: transcript or any other matter, to ensure that you communicate to people that your comments are your experience or opinion. I want people to be able to come here and read everything, and then chew the information around to make their own informed decisions or theories. Please do not tell people “you should” or “that means”, without a disclaimer… lol

ma4pa.igmr (mod) said: I don’t see the need to order them one reason, its a burden on an already overburdened system. While it may mean you are out of processing it doesnt mean you are getting a HDD in fact your return may still have other issues, some who have their transcripts still have no money and no HDD, others have received blank transcript with no info on them. So I don’t recommend ordering them. But the choice is yours.