1. Reading the Transcript How to Read an IRS Account Transcript

   • Request an account transcript by calling the IRS directly at (800) 829-1040, or by filing Form 4506T, Request for Transcript of Tax Return. The IRS does not charge a fee for transcripts. Ordinary turnaround time is two weeks.

     At the top right of the transcript is the date of request and date of response and the tax period covered by the transcript.

   • Check the taxpayer identification numbers below that, as well as the taxpayer name or names, to make sure they are accurate.
   • The transcript next lists the account balance, meaning the tax liability due and still outstanding. Following that is the interest and penalties, if any, levied on the balance and the most current date of these levies.
   • The next section lists basic calculations from the return you submitted to the IRS. Included in that are the number of exemptions, the adjusted gross income, the taxable income, and the total tax liability. Following these calculations is the amount of self-employment tax owed by yourself and your spouse. These amounts may have been adjusted by you with an amendment to the return or by the IRS, according to its records and corrections.
   • The transcript next gives the date on which the return was due or received, whichever was later.
   • The final section lists transactions for the tax period, including the tax assessment amount and date, payments made and their dates, and any credits or refunds made and their date(s).

This information was found on eHow. How to Read an IRS Account Transcript

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