A wage and income transcript displays details from information returns that the IRS receives, such as Forms W-2, 1099, 1098, and Form 5498. The IRS wage and income transcript is available for a maximum of ten prior years. Individuals can request it through the IRS’s Get Transcript Online tool or Form 4506-T.
IRS Wage and Income Transcript
This type of transcript shows all the income-related details that your employers, banks, financial institutions, and other payers report to the IRS. The transcript is very useful for verifying income, tax preparation, and understanding and performing other financial matters.
Individuals can get IRS Wage and Income transcripts for the past ten tax years, but details for the current tax year may not be complete or available until the earnings are reported.
Individuals can request their Wage and Income Transcripts via the IRS’s Get Transcript tool online. They often request these transcripts to verify their income details when preparing tax returns, respond to a CP2000 notice, or investigate tax identity theft.
How do I request an IRS Wage and Income transcript?
Individuals who want to request for Wage and Income Transcript from the IRS, can do it easily after following the below listed steps.
- Navigate to the https://www.irs.gov/individuals/get-transcript website.
- Sign in to your online account or create a new account if you previously don’t have it.
- Locate the “Wage and Income Transcript” and hit it.
- Enter all the required details then select the tax year you need.
- After that, you can view, print, and download transcripts.
How long does it take to receive the IRS Wage and Income transcript?
The time it takes to receive or get an IRS Wage and Income Transcript depends on the method you selected while requesting the transcript. If an individual requests the IRS Wage and Income transcript online through the IRS’s Get Transcript tool then they can typically view, print, and download all types of transcripts immediately.
But Suppose an individual requests the IRS Wage and Income transcript through the mail by using Form 4506-T or the automated telephone service. In that case, it will usually take about 5 to 10 calendar days to receive their transcripts.
Individuals who want to get transcripts quickly should please utilize their Individual Online Account to request IRS Wage and Income transcripts electronically. The online transcript requesting option is the fastest, smoothest, and easiest to use.
What to do if your wage and income transcript state “No record of return filed” for the current tax year?
If an individual requests for the IRS Wage and Income transcript for the current year then sometimes they can see a message of “No record of return filed”. It means that your information has not been included in the transcript yet.
In this case, individuals do not need to worry and check back in late May. Individuals can request for IRS Wage and Income transcript for up to 10 prior years through Get Transcript Online or Form 4506-T.
What to do If you get a message saying “Your request for a wage and income transcript cannot be processed online”?
Sometimes individuals receive a message saying that “your request for a wage and income transcript cannot be processed online”. This is because the IRS Wage and Income transcript is limited to approximately 85 income documents.
If an individual has more documents, then the transcript will not be generated. They’ll get a notification through email stating that your transcript request online could not be processed. The solution of this case is that now you need to complete and submit Form 4506-T.
What to do if your address changed since you filed your last tax return?
If changes occur in your circumstances like your address then it is advised to please don’t utilize your old address to request the wage and income transcript from the IRS. Keep in your mind that if you put your previous address then the wage and income transcript won’t get forwarded to you by the IRS.
The only solution to this situation is that individuals must file Form 8822 (Change of Address) before submitting Form 4506-T (Request for Transcript of Tax Return). Usually, it takes 4 to 6 weeks to process an individual’s change of address submitted form. So you need to wait for at least four weeks to request for the IRS wage and income transcript.
What to do if you get a message when you use Get Transcript by mail that says “The information you provided does not match what’s in the IRS systems”?
When an individual utilizes a transcript through mail then sometimes they can get a message saying that “the information you provided does not match what’s in the IRS systems”. It means that an individual entered details that don’t match with the details that the IRS kept in its system.
In this case, it is advised to double-check your entered details before submitting the request for transcripts. Make sure that your information matches with what’s in IRS systems.
If you receive the message even after entering accurate or valid details, you must submit Form 4506-T. You can also contact the IRS directly by calling 1-800-829-1040. You just need to explain the issue, they will inform you about the solution or ask for documentation to support your request.
