A Sample Tax Return Transcript form details a comprehensive record of a taxpayer's filed return, capturing both original figures and any subsequent adjustments made by the IRS. It outlines information such as incomes, deductions, and taxes calculated, without reflecting any changes or transactions posted after the initial filing. Essentially, this document serves as a snapshot, providing a clear picture of an individual's tax standing for a specific period, marked by the tax year ending December 31, 2017, in this context.
In the realm of financial documentation and tax filing, the Sample Tax Return Transcript form stands as a comprehensive record, showcasing a range of critical taxpayer information. Dated August 9, 2018, this document encapsulates sensitive taxpayer data for the tax period ending December 31, 2017, affirming its utility in various financial verification processes. It meticulously lists details such as the taxpayer's Social Security number (partially redacted for privacy), filing status, income sources – including wages, salaries, business income, and adjustments to income – alongside deductions and credits relevant for the said fiscal year. Furthermore, the transcript delineates calculations pertaining to the adjusted gross income, taxable income, total payments made, and subsequently, any amount owed or refundable to the taxpayer. By providing a detailed side-by-side presentation of the amounts as initially reported and as adjusted, this document facilitates a clearer understanding for both the taxpayer and entities requiring proof of income or tax compliance. It includes, but is not limited to, specific figures related to exemptions, deductions like educator expenses, self-employment tax deductions, various credits from child tax credits to education credits, and outlines other taxes alongside respective amounts paid with the form. Notably, it also touches upon adjustments such as the self-employment tax contribution, thereby capturing a full spectrum of the taxpayer's financial obligations and entitlements for the tax year.
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This Product Contains Sensitive Taxpayer Data
Tax Return Transcript
Request Date:
08-09-2018
Response Date:
Tracking Number:
100200235179
Customer File Number:
0987654321
SSN Provided:
XXX-XX-5084
Tax Period Ending: Dec. 31, 2017
The following items reflect the amount as shown on the return (PR), and the amount as adjusted (PC), if applicable. They do not show subsequent activity on the account.
SSN:
SPOUSE SSN:
NAME(S) SHOWN ON RETURN: DRAK
ADDRESS:
123 DA
FILING STATUS:
Single
FORM NUMBER:
1040
CYCLE POSTED:
20181005
RECEIVED DATE:
Jan.15, 2018
REMITTANCE:
$0.00
EXEMPTION NUMBER:
1
DEPENDENT 1
N ME CTRL:
DEPENDENT 2
DEPENDENT 3
N:
DEPENDENT 4
PTIN:
PREPARER EIN:
Income
WAGES, SALARIES, TIPS, ETC:
$13,000.00
TAXABLE INTEREST INCOME: SCH B:
TAX-EXEMPT INTEREST:
ORDINARY DIVIDEND INCOME: SCH B:
QUALIFIED DIVIDENDS:
REFUNDS OF STATE/LOCAL TAXES:
8/9/2018
Page 2 of 6
ALIMONY RECEIVED:
BUSINESS INCOME OR LOSS (Schedule C):
$2,500.00
BUSINESS INCOME OR LOSS: SCH C PER COMPUTER:
CAPITAL GAIN OR LOSS: (Schedule D):
CAPITAL GAINS OR LOSS: SCH D PER COMPUTER:
OTHER GAINS OR LOSSES (Form 4797):
TOTAL IRA DISTRIBUTIONS:
TAXABLE IRA DISTRIBUTIONS:
TOTAL PENSIONS AND ANNUITIES:
SAMPLE
TAXABLE PENSION/ANNUITY AMOUNT:
RENT/ROYALTY/PARTNERSHIP/ESTATE (Schedule E):
RENT/ROYALTY/PARTNERSHIP/ESTATE (Schedule E) PER COMPUTER:
RENT/ROYALTY INCOME/LOSS PER COMPUTER:
ESTATE/TRUST INCOME/LOSS PER COMPUTER:
PARTNERSHIP/S-CORP INCOME/LOSS PER COMPUTER:
FARM INCOME OR LOSS (Schedule F):
FARM INCOME OR LOSS (Schedule F) PER COMPUTER:
UNEMPLOYMENT COMPENSATION:
TOTAL SOCIAL SECURITY BENEFITS:
TAXABLE SOCIAL SECURITY BENEFITS:
TAXABLE SOCIAL SECURITY BENEFITS PER COM UTER:
OTHER INCOME:
SCHEDULE EIC SE INCOME PER COMPUTER:
$2,323.00
SCHEDULE EIC EARNED INCOME PER COMPUTER:
$15,323.00
SCH EIC DISQUALIFIED INC COMPUTER:
TOTAL INCOME:
$15,500.00
TOTAL INCOME PER COMPUTER:
Adjustments to Income
EDUCATOR EXPENSES:
EDUCATOR EXPENSES PER CO PUTER:
RESERVIST AND OTHER
BUSINESS EXPENSE:
HEALTH
VINGS
CCT
DEDUCTION:
HEALTH S VINGS
DEDUCTION PER CO PTR:
MOVING EXPENSES: F3903:
SELF EMPLOYMENT T X DEDUCTION:
$177.00
SELF EMPLOYMENT T X DEDUCTION PER COMPUTER:
ELF EMPLOYMENT T X DEDUCTION VERIFIED:
KEOGH/ EP CONTRIBUTION DEDUCTION:
ELF-EMP HE LTH INS DEDUCTION:
EARLY WITHDRAWAL OF
AVINGS PENALTY:
ALIMONY PAID
ALIMONY PAID:
IRA DEDUCTION:
IRA DEDUCTION PER COMPUTER:
STUDENT LOAN INTEREST DEDUCTION:
STUDENT LOAN INTEREST DEDUCTION PER COMPUTER:
STUDENT LOAN INTEREST DEDUCTION VERIFIED:
TUITION AND FEES DEDUCTION:
TUITION AND FEES DEDUCTION PER COMPUTER:
DOMESTIC PRODUCTION ACTIVITIES DEDUCTION:
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DOMESTIC PRODUCTION ACTIVITIES DEDUCTION PER COMPUTER:
OTHER ADJUSTMENTS:
ARCHER MSA DEDUCTION:
ARCHER MSA DEDUCTION PER COMPUTER:
TOTAL ADJUSTMENTS:
TOTAL ADJUSTMENTS PER COMPUTER:
ADJUSTED GROSS INCOME:
ADJUSTED GROSS INCOME PER COMPUTER:
Tax and Credits
65-OR-OVER:
NO
BLIND:
SPOUSE 65-OR-OVER:
SPOUSE BLIND:
STANDARD DEDUCTION PER COMPUTER:
$4,850.00
ADDITIONAL STANDARD DEDUCTION PER COMPUTER:
TAX TABLE INCOME PER COMPUTER:
$10,473.00
EXEMPTION AMOUNT PER COMPUTER:
$3,100.00
TAXABLE INCOME:
$7,373.00
TAXABLE INCOME PER COMPUTER:
TOTAL POSITIVE INCOME PER COMPUTER:
TENTATIVE TAX:
$749.00
TENTATIVE TAX PER COMPUTER:
FORM 8814 ADDITIONAL TAX AMOUNT:
TAX ON INCOME LESS SOC SEC INCOME PER COM UTER:
FORM 6251 ALTERNATIVE MINIMUM TAX:
FORM 6251 ALTERNATIVE INI UM TAX PER CO UTER:
FOREIGN TAX CREDIT:
FOREIGN TAX CREDIT PER CO PUTER:
FOREIGN INCOME EXCLUSION PER CO PUTER:
FOREIGN INCOME EXCLUSION TAX PER CO PUTER:
EXCESS ADVANCE PREMIUM TAX CREDIT REPAY ENT OUNT:
EXCESS
DV NCE PREMIUM T X CREDIT REP Y ENT VERIFIED A OUNT:
CHILD & DEPENDENT C RE CREDIT:
CHILD & DEPENDENT C RE CREDIT PER COMPUTER:
CREDIT FOR ELDERLY
ND DIS BLED:
ND DIS BLED PER COMPUTER:
EDUCATION CREDIT:
EDUCATION CREDIT PER COMPUTER:
GRO EDUC TION CREDIT PER COMPUTER:
RETIREMENT
AVINGS CNTRB CREDIT:
AVINGS CNTRB CREDIT PER COMPUTER:
PRIM RET
AV CNTRB: F8880 LN6A:
EC RET
AV CNTRB: F8880 LN6B:
TOTAL RETIREMENT
AVINGS CONTRIBUTION: F8880 CMPTR:
RESIDENTIAL ENERGY CREDIT:
RESIDENTIAL ENERGY CREDIT PER COMPUTER:
CHILD TAX CREDIT:
CHILD TAX CREDIT PER COMPUTER:
ADOPTION CREDIT: F8839:
ADOPTION CREDIT PER COMPUTER:
Page 4 of 6
FORM 8396 MORTGAGE CERTIFICATE CREDIT:
FORM 8396 MORTGAGE CERTIFICATE CREDIT PER COMPUTER:
F3800, F8801 AND OTHER CREDIT AMOUNT:
FORM 3800 GENERAL BUSINESS CREDITS:
FORM 3800 GENERAL BUSINESS CREDITS PER COMPUTER:
PRIOR YR MIN TAX CREDIT: F8801:
PRIOR YR MIN TAX CREDIT: F8801 PER COMPUTER:
F8936
ELECTRIC MOTOR VEHICLE CREDIT AMOUNT:
ELECTRIC MOTOR VEHICLE CREDIT PER COMPUTER:
F8910
ALTERNATIVE MOTOR VEHICLE CREDIT AMOUNT:
ALTERNATIVE MOTOR VEHICLE CREDIT PER COMPUTER:
OTHER CREDITS:
TOTAL CREDITS:
TOTAL CREDITS PER COMPUTER:
INCOME TAX AFTER CREDITS PER COMPUTER:
Other Taxes
SE TAX:
$354.00
SE TAX PER COMPUTER:
SOCIAL SECURITY AND MEDICARE TAX ON UNREPORTED TIPS:
SOCIAL SECURITY AND MEDICARE TAX ON UNRE ORTED TI
ER COM UTER:
TAX ON QUALIFIED PLANS F5329 (PR):
TAX ON QUALIFIED PLANS F5329 PER COM UTER:
IRAF TAX PER COMPUTER:
TP TAX FIGURES (REDUCED BY IRAF) PER COM UTER:
$1,103.00
IMF TOTAL TAX (REDUCED BY IRAF) PER COM UTER:
OTHER TAXES PER COMPUTER:
UNPAID FICA ON REPORTED TIPS:
OTHER TAXES:
RECAPTURE TAX: F8611:
HOUSEHOLD EMPLOYMENT TAXES:
HOUSEHOLD EMPLOYMENT TAXES PER CO PUTER:
HEALTH C RE RESPONSIBILITY PEN LTY:
HEALTH C RE RESPONSIBILITY PEN LTY VERIFIED:
HEALTH COVER GE REC PTURE: F8885:
RECAPTURE T XES:
TOTAL SSESSMENT PER COMPUTER:
TOTAL T X LI BILITY TP FIGURES:
TOTAL T X LI BILITY TP FIGURES PER COMPUTER:
Payments
FEDERAL INCOME TAX WITHHELD:
$1,000.00
HEALTH CARE: INDIVIDUAL RESPONSIBILITY:
HEALTH CARE FULL-YEAR COVERAGE INDICATOR:
0
E TIMATED TAX
PAYMENT :
OTHER PAYMENT CREDIT:
REFUNDABLE EDUCATION CREDIT:
REFUNDABLE EDUCATION CREDIT PER COMPUTER:
REFUNDABLE EDUCATION CREDIT VERIFIED:
EARNED INCOME CREDIT:
EARNED INCOME CREDIT PER COMPUTER:
EARNED INCOME CREDIT NONTAXABLE COMBAT PAY:
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SCHEDULE 8812
NONTAXABLE COMBAT PAY:
EXCESS SOCIAL
SECURITY & RRTA TAX WITHHELD:
TOT SS/MEDICARE WITHHELD:
ADDITIONAL CHILD TAX CREDIT:
ADDITIONAL CHILD TAX CREDIT PER COMPUTER:
ADDITIONAL CHILD TAX CREDIT VERIFIED:
AMOUNT PAID WITH FORM 4868:
FORM 2439 REGULATED INVESTMENT COMPANY CREDIT:
FORM 4136 CREDIT FOR FEDERAL TAX ON FUELS:
FORM 4136 CREDIT FOR FEDERAL TAX ON FUELS PER COMPUTER:
HEALTH COVERAGE TX CR: F8885:
PREMIUM TAX CREDIT AMOUNT:
PREMIUM TAX CREDIT VERIFIED AMOUNT:
PRIMARY NAP FIRST TIME HOME BUYER INSTALLMENT AMT:
SECONDARY NAP
FIRST TIME HOME BUYER INSTALLMENT AMT:
FIRST TIME HOMEBUYER CREDIT REPAYMENT AMOUNT:
FORM 5405 TOTAL HOMEBUYERS CREDIT REPAYMENT PER COMPUTER:
SMALL EMPLOYER HEALTH INSURANCE PER COMPUTER:
SMALL EMPLOYER HEALTH INSURANCE PER COMPUTER (2):
FORM 2439 AND
TOTAL PAYMENTS:
TOTAL PAYMENTS PER COMPUTER:
Refund or Amount Owed
AMOUNT YOU OWE:
$103.00
APPLIED TO NEXT YEAR'S ESTIMATED TAX:
ESTIMATED TAX PENALTY:
TAX ON INCOME LESS STATE REFUND PER CO UTER:
BAL DUE/OVER PYMT USING TP FIG PER CO PUTER:
BAL DUE/OVER PYMT USING CO PUTER FIGURES:
FORM 8888 TOTAL REFUND PER CO PUTER:
Third Party Designee
THIRD P RTY DESIGNEE ID NU BER:
AUTHORIZ TION INDIC TOR:
THIRD RTY DESIGNEE N ME:
Schedule C--Profit or Loss From Business
OCIAL
ECURITY NUMBER:
EMPLOYER
ID NUMBER:
BU INE
NAME:
DE CRIPTION OF BU INE /PROFESSION:
DRAK
NAICS CODE:
000000
ACCT MTHD:
FIR T TIME CHEDULE C FILED:
N
TATUTORY EMPLOYEE IND:
INCOME
GROSS RECEIPTS OR SALES:
$2,700.00
RETURNS AND ALLOWANCES:
NET GROSS RECEIPTS:
COST OF GOODS SOLD:
SCHEDULE C FORM 1099 REQUIRED:
NONE
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SCHEDULE C FORM 1099 FILED:
EXPENSES
CAR AND TRUCK EXPENSES:
DEPRECIATION:
INSURANCE (OTHER THAN HEALTH):
MORTGAGE INTEREST:
LEGAL AND PROFESSIONAL SERVICES:
REPAIRS AND MAINTENANCE:
TRAVEL:
MEALS AND ENTERTAINMENT:
WAGES:
OTHER EXPENSES:
TOTAL EXPENSES:
$200.00
EXP FOR BUSINESS USE OF HOME:
SCH C NET PROFIT OR LOSS PER COMPUTER:
AT RISK CD:
OFFICE EXPENSE AMOUNT:
UTILITIES EXPENSE AMOUNT:
COST OF GOODS SOLD
INVENTORY
AT
BEGINNING OF
YEAR:
END OF YEAR:
Schedule SE--Self-Employment Tax
SSN OF SELF-EMPLOYED TAXPAYER:
NET FARM PROFIT/LOSS: SCH F:
CONSERVATION RESERVE PROGRAM PAY ENTS:
NET NONFARM PROFIT/LOSS:
TOTAL SE INCOME:
SE QUARTERS COVERED:
4
TOTAL SE TAX PER COMPUTER:
$353.12
SE INCOME COMPUTER VERIFIED:
SE INCOME PER COMPUTER:
$2,308.00
TOTAL NET E RNINGS PER CO PUTER:
LONG FORM ONLY
TENTATIVE
CHURCH RNINGS:
TOTAL SOC
SEC & RR W GES:
E
T X
COMPUTER:
$286.19
E MEDIC RE INCOME PER COMPUTER:
E MEDICARE TAX PER COMPUTER:
$66.93
E FARM OPTION METHOD U ED:
E OPTIONAL METHOD INCOME:
Form 8863 - Education Credits (Hope and Lifetime Learning Credits)
PART III - ALLOWABLE EDUCATION CREDITS
GROSS EDUCATION CR PER COMPUTER:
TOTAL EDUCATION CREDIT AMOUNT:
TOTAL EDUCATION CREDIT AMOUNT PER COMPUTER:
Filling out a Tax Return Transcript form can feel like navigating through a maze if you're not familiar with the process. However, taking it step by step can simplify the procedure. Normally, these forms are used for verifying income and tax filing status for loans, mortgages, or college financial aid applications. To accurately complete the form, gather your financial documents, including your previous year's tax return, W-2s, and any records of deductions or credits you plan to claim. Here's a guide to help you fill out your Tax Return Transcript form.
Upon completing these steps, review the form to ensure all information is accurate and matches your records. Mistakes on tax forms can lead to processing delays or issues with the IRS. Once satisfied with the accuracy of the form, proceed to submit it as required—either electronically or by mail, depending on what the instructions specify for your particular situation.
Frequently Asked Questions about the Sample Tax Return Transcript Form
A Tax Return Transcript shows most line items from your original tax return (Form 1040) as it was filed, including any accompanying forms and schedules. It does not reflect any changes you, your representative, or the IRS made after you filed your return. This document provides details such as your income, tax liability, and status of your return.
Individuals often need a Tax Return Transcript for verifying income to lenders when applying for a loan or a mortgage. Additionally, students and parents might need it for federal financial aid purposes. It's important to note that a transcript may not be sufficient for all financial, legal, or taxation purposes, so always confirm with the requesting party.
You can request a Tax Return Transcript online, by mail, or by phone from the IRS. To use the online method, go to the IRS website and use the "Get Transcript" tool. If you prefer to request by mail, you need to complete and send in a form 4506-T, Request for Transcript of Tax Return. Lastly, you can call the IRS to request your transcript be sent by mail. It's free to request and receive a Tax Return Transcript.
One common mistake when filling out the Sample Tax Return Transcript form is incorrect or incomplete Social Security Numbers (SSNs). The SSN provided should match exactly as it appears on the Social Security card. Forgetting to include the spouse's SSN or incorrectly entering a dependent's SSN can lead to processing delays and potential discrepancies in the record.
Another error is misreporting income amounts. Income such as wages, salaries, tips, and other earnings must be accurately reported with exact numbers as shown on your income documents. Overlooking or inaccurately reporting additional income like alimony received, business income or loss, and unemployment compensation can impact the total income calculation, leading to an incorrect tax assessment.
Incorrectly calculating adjustments to income is a further error. Deductions for educator expenses, self-employment tax, IRA deductions, and student loan interest deductions must be precisely calculated. Improperly calculating these amounts or neglecting to claim them when eligible can result in a higher adjusted gross income than necessary, potentially increasing tax liability.
Lastly, failing to accurately report payments, including federal income tax withheld, estimated tax payments, and other payment credits, is another mistake. It's critical to verify all amounts against your records to ensure that all payments made throughout the year are correctly credited to your account. An oversight in this section could result in an inaccurate calculation of your refund or amount owed, complicating your financial planning.
The Sample Tax Return Transcript is a comprehensive document providing detailed information from an individual's filed tax return. It includes data such as income sources, adjustments to income, tax liability, and any applicable credits. This information is used for various purposes, including but not limited to, applying for loans, financial aid for education, and verification of income by landlords or other entities. Alongside the Tax Return Transcript, several other forms and documents may be required or used in conjunction to provide a fuller picture of an individual’s financial situation or for specific filing purposes. The following is a list of such documents.
Understanding each of these documents and their specific purposes can significantly streamline financial and tax-related tasks. Each form plays a role in providing a holistic view of an individual's financial standing or fulfilling specific regulatory requirements. While the Tax Return Transcript offers a snapshot of tax-related data, these additional forms and documents furnish detailed insights or serve distinct functions in personal and business financial landscapes.
The W-2 Form, also known as the Wage and Tax Statement, is akin to the Tax Return Transcript in illustrating an individual's income and taxes withheld. While the W-2 focuses on employment income, the Transcript provides a broader picture, encapsulating all sources of income reported on the tax return, making them complementary in assessing an individual's fiscal status.
Similar to the 1099 Forms, which report various types of income other than wages, such as dividends, interest, and freelance income, the Tax Return Transcript aggregates this information showing the total income from different sources as reported by the taxpayer, offering a consolidated view of a taxpayer's income situation.
The Form 1040 serves as the central tax return document for individuals, detailing income, deductions, and credits. The Tax Return Transcript summarizes the information from Form 1040, including adjusted gross income and taxable income, providing a snapshot rather than the detail by line present in the original form.
The Schedule C is used by sole proprietors to report profit or loss from a business. The Tax Return Transcript reflects this information in a summarized format, including business income or loss as calculated, which makes it useful for both taxpayers and evaluators to understand business performance as part of overall financial health.
Schedule D, used for reporting capital gains and losses, parallels the Tax Return Transcript in how it presents the outcome of such transactions. While Schedule D gives a detailed account, the Transcript consolidates these figures, showing the net effect on the tax liability.
The Schedule E compiles income or loss from rental real estate, royalties, partnerships, S corporations, trusts, and estates. The Tax Return Transcript similarly incorporates these details, offering a cohesive view of investment and passive income streams affecting the taxpayer's overall income picture.
The Schedule SE is directed towards calculating self-employment tax. This parallels the Tax Return Transcript which also shows self-employment tax figures, providing clarity on how self-employment contributes to the taxpayer's obligations.
Form 8863 relates to education credits, like the American Opportunity Credit and Lifetime Learning Credit. These credits are reflected in the Tax Return Transcript under the tax and credits section, highlighting their impact on reducing the taxpayer's overall tax liability.
The Form 8962 is used for the Premium Tax Credit, designed to help eligible individuals with affordable health insurance purchased through the Health Insurance Marketplace. The Tax Return Transcript outlines the effect of such credits, distilling the complex calculations of Form 8962 into a representation of the credit's outcome on the taxpayer's liability or refund.
When filling out the Sample Tax Return Transcript form, it's essential to approach the task with care and precision. The following are key dos and don'ts that can help ensure the process is done correctly:
Maintaining attention to detail when filling out the Sample Tax Return Transcript form is crucial for delivering accurate and truthful information. This diligence not only helps avoid potential errors but also ensures that the process is smoother and more efficient for everyone involved.
There are several misconceptions about the Sample Tax Return Transcript form that people often have. Understanding these can help clarify how tax transcripts work and what information they actually contain.
By dispelling these misconceptions, taxpayers can better understand the function and limitations of the Tax Return Transcript and use it appropriately for their needs.
Understanding and accurately completing the Sample Tax Return Transcript form is crucial for reflecting your financial situation to the IRS. Here are five key takeaways to ensure proper handling and usage of this essential document.
Thoroughly examining your Tax Return Transcript using these key takeaways not only helps verify past submissions but also aids in proactive tax planning for future years. Accuracy in reviewing and understanding this document can lead to better financial decisions and potentially lower tax liabilities.
Health Insurance Marketplace Statement - The inclusion of the 1095-A information on tax returns ensures compliance with federal tax laws regarding health coverage.
Dd 5960 - This official form helps servicemembers apply for or adjust their housing allowances based on changes in their personal circumstances.
What Is an I-9 - The form includes instructions for both employees and employers to ensure proper completion.