The Wage & Income transcript reports only "data from information returns we receive such as Forms W-2, 1099, 1098 and Form 5498, IRA Contribution Information." (see https://www.irs.gov/individuals/tax-return-transcript-types-and-ways-to-order-them). That is, the Wage and Income Transcript does not show your tax return, but the income forms that were copied to the IRS. This is often used to build a prior year tax return for taxpayers who did not file in a previous year, and who have misplaced their tax documents.
Using the Wage & Income Transcript, you can see the information that was reported on each W-2, 1099, and the other forms. If you are creating a prior year return from scratch, then you can look at the Transcript as the source of information to enter in place of the paper forms.
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However, depending on what you need a transcript for, you may find the Tax Transcript more useful. Please see the following discussion.
You can see a sample IRS tax transcript at this link - https://www.irs.gov/pub/irs-utl/New_Tax_Return_Transcript.pdf
The items that can be on a return are listed by description rather than by line number. For example, in the following transcript of a 2017 tax return (see below at ***),
***Part of sample tax transcript at the IRS website***
Income
WAGES, SALARIES, TIPS, ETC: $13,000.00
TAXABLE INTEREST INCOME: SCH B: $0.00
TAX-EXEMPT INTEREST: $0.00
ORDINARY DIVIDEND INCOME: SCH B: $0.00
QUALIFIED DIVIDENDS: $0.00
REFUNDS OF STATE/LOCAL TAXES: $0.00
ALIMONY RECEIVED: $0.00 BUSINESS INCOME OR LOSS (Schedule C): $2,500.00 BUSINESS INCOME OR LOSS: SCH C PER COMPUTER: $2,500.00
By crawling through the tax transcript you can rebuild a completed tax return with all the important numbers (and quite a few less important ones).
