There are several different types of transcripts that can either be viewed online or mailed to you. The two types that we will focus on for seeing where you’re at with processing are tax Return Transcript and Tax Account Transcript.
- The Tax Return Transcript will show lines from the original tax return (1040, 1040A, 1040EZ) you filed. (AGI, Credits, etc) along with any schedules or forms you filed. It will not show any adjustments made with an Amended Return (1040X). This transcript will only generate once you have processed. It is the most common transcript used as proof of income in lending for things like mortgages and student loans. Note: This transcript typically becomes available after the Tax Account Transcript is finished.
- The Tax Account Transcript shows basic information such as marital status, AGI, income, etc. It will also show any changes made to your account (amended return). What makes the account transcript important to figuring out the processing timeline is the codes than may appear on it. Each code can give you more information to what is going on with your refund and can even help you figure out when you may be able to expect your direct deposit (DD). The most important code that will signify your refund has been approved is “846” (refund release). If your account transcript has the “846” code then you can also use the cycle code to determine your direct deposit date (DDD). Note: This transcript typically becomes available before the Tax Return Transcript.
Things to remember:
- The IRS has updated their security measures in order to view transcripts online. An account will need to be made and certain security questions will veend to be answered and verified.
- If you are unable to view your transcripts online, then there is no way to say for sure that you will have a DDD soon. Although it is generally a good sign that things are moving along if you can order them, there is a chance that the transcripts have not finished updating and can be sent out containing no information.
- Generally once you are able to access both of these transcripts, then WMR should update the next day with more information. (Please refer back to #2)
For more information visit the links below.