The Sample Tax Return Transcript form is a comprehensive document provided by the Internal Revenue Service (IRS) that outlines a taxpayer's filed income, deductions, and credits for a given tax year, in this case, ending December 31, 2017. Containing both the original amounts reported (PR) and any subsequent adjustments made (PC), it serves as a detailed record of an individual's financial obligations and interactions with the tax system. For those looking to accurately prepare for future financial assessments or rectify past discrepancies, understanding this form's contents is essential.
Ensure you're fully informed by exploring the Sample Tax Return Transcript form. Click the button below to begin the process of filling it out accurately and effectively.
Delving into the intricacies of the Sample Tax Return Transcript form, a document integral to many taxpayers, offers a comprehensive glimpse into the financial blueprint of an individual's fiscal year. Requested on August 9, 2018, this detailed form showcases sensitive taxpayer data including income sources, adjustments, tax credits, and final tax liability for the tax period ending December 31, 2017. Notably, it delineates the figures both as originally reported on the return and as adjusted by computations, highlighting key components such as wages, business income, and adjustments to income like self-employment tax deductions. Furthermore, it details the taxpayer's eligibility and calculation of various tax credits, other taxes assessed including self-employment tax, and summaries of payments made towards the taxpayer's obligation, culminating in the final assessment of refund due or amount owed. This transcript not only serves as a crucial tool for verifying past income and tax payments but also aids in understanding adjustments made by the IRS, offering a clear perspective on the taxpayer’s financial dealings with the federal tax system.
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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:
Filling out the Sample Tax Return Transcript form requires careful attention to detail and a systematic approach to ensure accurate reporting of all required information. The steps below are designed to guide you through the process, simplifying the complex data into manageable parts.
Following these steps will assist in accurately completing the Sample Tax Return Transcript form. Remember, providing precise and truthful information is critical in all tax-related documents to comply with legal standards and avoid potential issues.
What is a Tax Return Transcript?
A Tax Return Transcript displays most line items from your original tax return (Form 1040, 1040A, or 1040EZ) as it was initially filed, including any accompanying forms and schedules. It also shows changes made after the initial filing. This document is often requested for mortgage applications, student loans, and other situations requiring verification of income.
How can I request a Tax Return Transcript?
You can request a Tax Return Transcript for free from the IRS in several ways: online, by phone, or through the mail. The fastest method is through the IRS website, using the "Get Transcript Online" tool. Alternatively, you can call the IRS at 1-800-908-9946 or complete and mail Form 4506-T, Request for Transcript of Tax Return, specifying the year(s) you need.
What information does the Tax Return Transcript show?
The Transcript provides detailed information, such as wages, salaries, tips, taxable income, and adjustments to income. It includes data for specific items beneficial for verification purposes like your Adjusted Gross Income (AGI). However, it does not show changes that may have been made after the original return was filed.
Is there any cost to obtain a Tax Return Transcript?
No, there is no cost to request or obtain a Tax Return Transcript. The IRS provides it free of charge. This service supports various needs, including verifying income and tax filing status for loans and legal requirements.
Failing to accurately report income and deductions is a common error. Taxpayers often mistakenly enter incorrect amounts for wages, salaries, tips, and deductions. This discrepancy can arise from typos, misunderstanding what qualifies as income or deductions, or overlooking certain income sources altogether. It's crucial to double-check these figures against personal records and documents such as W-2s, 1099s, and receipts.
Omitting Social Security Numbers (SSNs) for dependents can also lead to issues with the form. The IRS requires the SSNs of all dependents to verify eligibility for certain tax benefits such as exemptions and credits. Missing or incorrect SSN entries can delay processing and affect the amount of the taxpayer's refund or owed tax.
Another mistake involves not understanding the difference between 'Tax Period Ending' and 'Received Date'. The 'Tax Period Ending' refers to the last day of the tax year, typically December 31 for individuals on a calendar year schedule. The 'Received Date' is when the IRS received the return. Confusion or errors relating to these dates can cause misunderstandings about the applicable tax year or delays in processing.
Incorrectly filling out the 'Payments' section is another common error. This section should include all payments made throughout the year, such as federal income tax withheld, estimated tax payments, and refundable credits. Taxpayers sometimes overlook including some payments or incorrectly calculate their total payments, leading to an inaccurate calculation of their tax liability or refund.
When preparing or reviewing one's finances, especially in relation to taxes, it's essential to be familiar with various forms and documents that might be necessary alongside the Sample Tax Return Transcript form. These forms play a pivotal role in ensuring an accurate and comprehensive understanding of one's financial situation.
Understanding each of these documents is essential for navigating through tax responsibilities accurately. They provide necessary information that supports one's financial disclosure on the tax return, ensuring that all income is reported, and any eligible deductions or credits are claimed. This careful documentation is key to achieving a favorable and compliant outcome in one's tax affairs.
W-2 Form (Wage and Tax Statement): Similar to the Tax Return Transcript, the W-2 form provides information about an individual's income and taxes paid over the year. Both documents are crucial for accurately reporting earnings and tax obligations.
1099 Forms: Like the Tax Return Transcript, 1099 forms report income from various sources such as self-employment, interest, dividends, and government payments. Both types of documents are essential for a full accounting of annual income.
Form 1040 (U.S. Individual Income Tax Return): The Tax Return Transcript summarizes the information filled out on Form 1040, detailing an individual's income, deductions, and credits. Both serve to calculate and report a taxpayer's liability.
Schedule C (Profit or Loss from Business): This schedule, part of the information a Tax Return Transcript can summarize, details income and expenses from a business operated by the taxpayer, similar to how the Transcript includes income and adjustments from various sources.
Schedule D (Capital Gains and Losses): Both the Schedule D and the Tax Return Transcript offer insights into the taxpayer's capital gains and losses, crucial for understanding tax obligations related to investments.
Schedule E (Supplemental Income and Loss): This document is akin to the Tax Return Transcript in that it details income or loss from real estate, royalties, partnerships, S corporations, trusts, and estates, contributing to the total tax scenario of an individual.
Schedule F (Profit or Loss from Farming): Similar to the Tax Return Transcript, Schedule F provides a detailed account of farming income and expenses, influencing the taxpayer's overall taxable income and tax liability.
Form 8863 (Education Credits): Like the Tax Return Transcript, Form 8863 determines the amount of education credits a taxpayer is eligible for, impacting the total tax calculation in a manner similar to the adjustments and credits listed in the Transcript.
Form 8853 (Archer MSAs and Long-Term Care Insurance Contracts): Reflects contributions and distributions related to medical savings accounts and insurance contracts, aspects that are also summarized in a Tax Return Transcript.
When filling out the Sample Tax Return Transcript form, it's essential to approach the task with accuracy and attentiveness. Here are six crucial dos and don'ts to consider:
By following these guidelines, you can ensure a smoother process for filling out the form accurately and compliantly. Remember, careful attention to detail can prevent errors that might otherwise complicate your tax matters.
Understanding the Sample Tax Return Transcript form is critical, but misconceptions abound. Here's a breakdown of common errors people make when interpreting this document:
Understanding these nuances can provide a clearer picture of the financial situation presented by the Sample Tax Return Transcript form, offering a deeper insight into one's tax liabilities and potential savings.
Filling out and using the Sample Tax Return Transcript form properly requires you to pay attention to several details. Here are 10 key takeaways to keep in mind:
By carefully reviewing each part of the Sample Tax Return Transcript, you can gain a comprehensive understanding of your tax situation, verify that all information is correct, and identify any discrepancies or opportunities for adjustments in your favor.
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