FINANCIAL NEWS
The way to access IRS transcripts: this is how you will have the fastest tax refund
Having an accurate tax return is crucial for ensuring a fast tax refund as any errors will cause a delay.
Once your tax filing has been sent it can be an anxious wait to see if you will be the recipient of a tax refund. The IRS has already briefed that refunds will be lower this year, with the data now released to support this. We are a month into tax season so if you filed your return at the beginning of the season it should have been processed.
If it hasn’t arrived yet it means you have made an error as it should take 21 days for the IRS to send your refund. Making sure all your information is correct is the only guarantee that the refund can be sent as any error will slow down the prcoess.
If you have made a mistake you can check the IRS website for assistance. 24 hours after submitting your 2022 income tax return you should be able to track the status of your refund using the ‘Where’s My Refund?’ online portal.
Accessing your IRS tax transcripts
More information about your tax accounts can be found by accessing your transcripts. There are four types and this is how you access them.:
- Tax Return Transcript: This transcript provides a summary of your tax return, including line-by-line information.
- Tax Account Transcript: This transcript shows any changes made to your tax account after you filed your return, including any adjustments or payments made.
- Record of Account Transcript: This transcript combines the information from both the tax return and tax account transcripts into a single document.
- Wage and Income Transcript: This transcript shows the information reported to the IRS about your wages, income, and other payments.
All of these transcripts can be requested online at the IRS website by logging in to your account and selecting “Get Transcript Online” here.
The information can also be accessed by phone or by mail using Form 4506-T.