The Sample Tax Return Transcript form is a document that encapsulates detailed information regarding a taxpayer's previous year tax return, including reported income, adjustments to income, tax liability, and payments or credits applied. This transcript serves as a comprehensive record, showcasing information as initially reported along with any subsequent adjustments made. For individuals seeking to understand or verify past tax return details, this form provides a crucial snapshot.
To ensure a thorough review or to fulfill verification requirements for loan applications or for federal aid, obtaining and filling out the Sample Tax Return Transcript form accurately is key. Find all the necessary guidance and fill out your form by clicking the button below.
In a world driven by increasingly complex tax obligations, the Sample Tax Return Transcript stands out as a critical document for those seeking a thorough understanding of tax filings. Dated August 9, 2018, this comprehensive file showcases detailed taxpayer data for the tax period ending December 31, 2017. The form prominently displays personal identifiers, including partial Social Security numbers for both the taxpayer and spouse, if applicable, alongside the taxpayer's name and address. It delineates financial standings through figures such as wages, salaries, taxable interest, and deductions, alongside adjustments to income and associated taxes. Notably, it separates amounts as initially reported (PR) from those adjusted post-review (PC), offering clarity on the adjustments made. Furthermore, the form delves into specifics like educator expenses, business income or loss, and capital gains, providing a segmented yet complete overview of an individual’s financial obligations and deductions. With sections detailing tax credits, additional taxes, and payments—including federal income tax withheld and estimated tax payments—it serves as a holistic record of one's fiscal interactions within the stipulated tax year. This document is indispensable for various purposes, including loan applications and financial assessments, making it a cornerstone of financial transparency and accountability.
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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:
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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:
Once you have a Sample Tax Return Transcript form in hand, the process of filling it out involves providing accurate information derived from your tax records and personal details. This form is crucial for documenting your tax return details for the specified tax period. Below are the necessary steps to guide you through the completion of this form.
After you've completed all the above steps, reviewing the form for accuracy and completeness is crucial before submission. This ensures that all information aligns with your tax records and personal information, reducing the chance for errors or discrepancies.
A Tax Return Transcript is a document provided by the IRS upon request that contains most of the line items from your tax return as you or your tax preparer originally filed it, including any accompanying forms and schedules. It shows adjustments made by both you and the IRS after the initial filing. This transcript does not reflect any changes made to the account after the IRS has processed the return. Individuals often use this transcript for mortgage applications, student loans, and other personal verification needs.
To obtain a Tax Return Transcript, individuals can use one of several methods:
The Tax Return Transcript includes information such as:
If errors are discovered in a Tax Return Transcript, the course of action depends on the nature of the error:
When individuals complete the Sample Tax Return Transcript form, several common errors can occur. Recognizing and avoiding these mistakes is crucial for accurate filing and to prevent processing delays or inquiries from tax authorities. The following outlines these frequent missteps:
Avoiding these mistakes is essential for the timely and accurate processing of tax return transcripts. Thorough review and verification of all information before submission can minimize the risk of errors.
When dealing with financial affairs, especially taxes, having the right documents on hand is crucial. A Tax Return Transcript, like the sample provided, plays a key role in these matters. However, it's often just one piece of the puzzle. To provide a complete picture of an individual’s financial status or to comply with various financial, legal, or regulatory requirements, several other forms and documents are frequently used alongside the Tax Return Transcript. Below is a list of these forms and a brief description of each:
Together with the Tax Return Transcript, these documents provide a comprehensive view of an individual's tax situation. They support various processes such as loan applications, financial planning, and compliance with federal and state tax laws. Understanding and having these documents prepared when dealing with financial and tax-related matters can simplify the process and ensure accuracy in reporting.
The W-2 Form, commonly known as the Wage and Tax Statement, is similar to the Sample Tax Return Transcript in that it summarizes income earned and taxes withheld. While the W-2 focuses on wages from employment, the transcript aggregates this with other types of income.
The 1099 Form series, which reports various types of non-employment income such as interest, dividends, and freelance income, shares similarities with the tax transcript by detailing different income sources that contribute to the total income reported.
The 1040 Form is the standard IRS form used by individuals to file their annual income tax returns. It parallels the Sample Tax Return Transcript by summarizing the taxpayer's income, deductions, and credits to determine their tax liability or refund.
Schedule C is utilized by sole proprietors to report profits or losses from a business. This form relates closely to the transcript as it details business income, which is a component of the total income calculated on the tax return.
The Schedule D form, necessary for reporting capital gains or losses from investments, aligns with the transcript through its focus on investment income contribution to the individual’s overall tax situation.
The Schedule E form assesses income from rental property, royalties, partnerships, S corporations, trusts, and estates. It is akin to the transcript by considering these sources in the overall income and taxation outlined in the return.
The 1098 Form, specifically for mortgage interest statements, while more niche, connects with the transcript via its role in reporting potential deductions, impacting the taxable income and ultimate tax liability shown on the return.
When completing the Sample Tax Return Transcript form, there are key practices to adhere to for accuracy and compliance. Here is a list of dos and don'ts that should guide you through the process:
Following these guidelines will help ensure that the process of filling out or reviewing a Sample Tax Return Transcript form is handled accurately and effectively, avoiding common pitfalls that could lead to errors or misunderstandings regarding one's tax obligations or refunds due.
Misconception 1: The Tax Return Transcript shows only the final numbers.
Many believe that a Tax Return Transcript only provides the final tax liability or refund amount, however, this is not accurate. It details income sources, adjusted gross income, tax payments, and other pertinent figures, making it very comprehensive. It is designed to reflect the data as filed and, if applicable, as adjusted, rather than just showcasing final amounts.
Misconception 2: Changes made after the filing are reflected in the transcript.
A common misunderstanding is that the transcript will show all account activity, including amendments or adjustments made after the initial filing. In reality, the transcript primarily displays the information as originally filed or as adjusted by the IRS if applicable. Thus, it does not include subsequent modifications or transactions on the account.
Misconception 3: It provides information on whether taxes were filed on time.
There is a belief that the Tax Return Transcript will indicate whether the tax return was filed by the deadline. The transcript does specify the received date, which can give an indication, but it does not explicitly state if the filing was late or subject to any penalties for late filing.
Misconception 4: The transcript shows the detailed calculations of taxes owed or refunds due.
While the transcript lists income, deductions, and credits, it stops short of detailing how each figure contributes to the final tax or refund amount. Calculations or the rationale behind the numbers are not part of this document; it is more a statement of reported figures rather than an explanation of tax computation.
Misconception 5: Social Security Numbers (SSNs) of dependents are shown.
For privacy reasons, the Tax Return Transcript does not fully display SSNs, including those of dependents. Only the last four digits are shown to protect sensitive taxpayer information, contrary to the belief that it would reveal full SSN details.
Misconception 6: The transcript serves as a substitute for the original tax return in all scenarios.
While useful, the Tax Return Transcript is not always an acceptable substitute for an actual copy of your tax return. For certain financial or legal situations such as obtaining a mortgage, the entities involved may require a full, official copy of the tax return rather than the transcript.
Filling out a Sample Tax Return Transcript form requires attention to detail and an understanding of your financial activities over the tax year. Here are seven key takeaways to ensure you fill out the form accurately and effectively:
Treating each part of the form with care will simplify the tax return process, making it less daunting and reducing the likelihood of errors. Remember, if you're unsure about a section, seek guidance from a tax professional.
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