Meaning for Taxpayers: This confirms which tax year the transcript covers and when it was generated. It’s like the transcript’s “cover page.”
What to Look For:
Make sure the tax period matches the year you want.
Note the request and response date—this tells you when the IRS produced the file, which affects how current the data is.
Taxpayer Information Section
What It Includes:
Taxpayer name(s)
Taxpayer Identification Number (SSN or ITIN, often masked)
Spouse’s name and SSN (for joint returns)
Address (if present)
Power of Attorney/Tax Information Authorization status (if any)
Meaning for Taxpayers: This identifies whose account the transcript belongs to and whether someone (like a tax pro or representative) has authorization on file.
What to Look For:
Confirm the name and masked SSN match your records.
If you have a representative, ensure it shows as “POA/TIA on file.”
3. Account Balance & Accrual Section
What It Includes:
Account Balance (total owed or credit)
Accrued Interest and Accrued Penalty
Dates “as of” which those amounts were calculated
Meaning for Taxpayers: This is the IRS’s snapshot of what you owe (or are owed) on the date listed. A minus sign (–) means a credit or refund.
What to Look For:
“0.00” means the account is fully settled.
A negative balance (–) indicates a refund or overpayment credit.
A positive balance means you owe.
Note “As of Date” — interest and penalties grow from this date forward.
Information From the Return (or As Adjusted)
What It Includes:
Filing Status (e.g., Married Filing Jointly)
Number of Exemptions/Dependents
Adjusted Gross Income (AGI)
Taxable Income
Tax Per Return
Total Self-Employment Tax (if any)
Meaning for Taxpayers: This section shows the main figures from your filed tax return (or IRS-adjusted amounts if changes were made).
What to Look For:
Compare AGI and Taxable Income with your filed return to ensure no IRS adjustments.
Differences may mean an IRS correction, amended return, or math error.
This section can confirm your income for loans, financial aid, or IRS verification.
Return Due Date / Return Received Date
What It Includes:
“Return Due Date or Return Received Date (Whichever is Later)”
“Processing Date”
Meaning for Taxpayers: These show when your return was due or received and when the IRS started processing it.
What to Look For:
The received date is key—it shows when your return officially entered the system.
The processing date helps estimate when updates (like refund release) might occur.
Transaction Section
What It Includes: A chronological list of IRS Transaction Codes (TCs) showing all actions on your account:
Explanation of Transaction: short description (e.g., “Return filed,” “Refund issued”)
Cycle Date: IRS posting cycle (e.g., 20241205)
Date: actual transaction date
Amount: money associated with that action
Meaning for Taxpayers: This is the heart of the transcript — it shows the step-by-step history of how the IRS processed your return, refund, and any adjustments.
What to Look For:
TC 150 → your return was filed and posted
TC 570 → a hold or pending review (refund frozen)
TC 571 or 572 → hold released
TC 846 → refund issued (look for this to confirm your deposit date)
TC 971 → notice sent
TC 290/291 → tax increased/decreased
TC 841 → refund canceled or reversed
These codes help you understand what’s happening and when.
Account Activity Summary (Totals)
What It Includes:
Account Balance Plus Accruals
“This is not a payoff amount” disclaimer
Meaning for Taxpayers: Shows your account’s current balance snapshot, including accrued interest and penalties (if any).
What to Look For:
If the balance isn’t zero, verify whether the amount is owed or overpaid.
The “not a payoff amount” line reminds you that interest may continue until paid.