- Tax Process
- This page Explains What Is A Tax Transcript
this page will explain what is a tax transcript and will give you information on how to obtain a copy of your past tax returns. , Last Updated: Sun Mar 01, 2020
Tue Jul 21, 2015
a tax transcript is a summary of the taxes you submitted to the IRS. For example, lets say you filed you tax return for 2010, after several years, you lost your copy of your return and you want to get a home loan. The bank is asking for a copy of your tax return, but since you lost it, what can you do?
The best thing to do in this situation, is to contact the IRS and get a copy of your tax return. the IRS calls this a 'Transcript'
the transcript contains the important amounts on your tax return. for example, it shows the gross amount, how much you paid on taxes, and how much you got. you know a summary. it is not a copy of all the papers you submitted, like form 1040. don't worry, if the bank is asking for a copy of the tax return, a transcript should be enough for them. but if you have doubts, call the person asking for your tax returns and ask them if a copy of a transcript for that year will be enough. if most cases, it is enough.
now that you know what a tax transcript is, you can get a transcript.How To Obtain A Copy Of Your old Tax Returns