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By Catherine Gordon, Toolkit Staff Writer
It's tax season and you're likely in the process of preparing this year's tax returns. If you need information from a past year's return, or information explaining any adjustments made after the tax return was filed, the IRS has a new online tool you can use to simplify the ordering process.
Using the web tool, available on the IRS website, you can obtain transcripts for the past three years for free. A tax return transcript shows most line items from the tax return as it was originally filed, including any accompanying forms and schedules. However, any changes made after the return was filed are not reflected on this type of transcript.
A tax account transcript is designed to show any adjustments made by the tax paying individual or entity, or by the IRS after the return was filed. This transcript also contains basic data, including marital status, type of return filed, adjusted gross income and taxable income.
If you prefer, transcripts may also be ordered by phone at 1-800-908-9946 or by mail using the appropriate version of Form 4506-T, Request for Transcript of Tax Return. The IRS cannot process your request online if you need transcripts mailed to an address other than the one they have on file for you. To send your transcript to a different address, you'll have to complete and mail the form or call the IRS at 1-800-829-1040.
Posted February 2, 2011.