Recent Tax Updates

New IRS Get Transcript Online Tool and Reminders of Other Useful IRS Tools

January 29, 2014

Get Transcript

The IRS has implemented a new online tool that allows a taxpayer to retrieve, download, and print a copy of their federal return transcript for the three prior years (and current year after it has been filed). This will eliminate the need to wait five to ten days while the IRS mails a copy of the transcript to the taxpayer.

The new Get Transcript application operates as follows:

  • Once the taxpayer accesses the page, they will select Get Transcript Online
  • The taxpayer will be walked through an authentication process
  • Once authenticated, the taxpayer will see a screen that gives them the option to select:
    • Tax Return transcript: Shows most line items on the tax return as originally filed, including accompanying forms and schedules.
    • Tax Account transcript: Provides any adjustments that were made to a return after it was filed.
    • Record of Account transcript: Combines the information from the tax return and tax account transcripts.
    • Wage and Income transcript: Shows data from the taxpayer’s
      W-2s or 1099s reported to the IRS for the particular tax year.

Other Useful IRS Tools

As we begin the 2014 filing season, here is a reminder about two other IRS online tools that you may find useful:

Where’s My Amended Return?
If the taxpayer needs to file an amended return for the current year or the three prior years, they can now find out the processing status at the IRS.

They may do this by using the IRS look-up tool “Where’s My Amended Return?”. The status will be available on this application three weeks after it was mailed to the IRS.

The following information is available about the amended return once the Social Security Number, date of birth, and zip code has been entered:

  • Confirmation that the IRS received the amended return
  • An update on the amended return’s current status
  • Estimated time the IRS will complete the processing of the amended return

First Time Homebuyer Account Look-up
Taxpayers who claimed a first time homebuyer credit of $7,500 in 2008 must repay the credit over 15 years. This is done by showing an additional tax on the taxpayer’s return beginning in 2009.

In order to help the taxpayer keep track of the total amount of credit they claimed, what the yearly repayment amount should be, and the balance remaining to be paid back, the IRS provides a First Time Homebuyer Credit Account Look-Up tool on the IRS website.