It depends. You didn't really misunderstand, it's all about timing if you are referring to the current year. They may not have current tax year forms attached to your account as of now. It takes some time for the IRS to actually connect your income statements with your current tax return. And it is possible for you to have a Form 1099 that was not submitted to the IRS, however unlikely.
What information is on an IRS transcript?
Tax Return Transcript - shows most line items including your adjusted gross income (AGI) from your original Form 1040-series tax return as filed, along with any forms and schedules. It doesn't show changes made after you filed your original return. This transcript is available for the current and three prior tax years.
Form 4506 - For faster service:
Get Your Tax Record (Get Transcript) or by calling 1-800-908-9946 for specialized assistance
Record of Account Transcript (combines the tax return and tax account transcripts into one complete transcript), Wage and Income Transcript (shows data from information returns we receive such as Forms W-2, 1099, 1098 and Form 5498), and Verification of Non-filing Letter (provides proof that the IRS has no record of a filed Form 1040-series tax return for the year you request).
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