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.
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 ***),
- Income refers to the income section on page 1 of the 1040 (see https://www.irs.gov/pub/irs-prior/f1040--2017.pdf)
- WAGES, SALARIES, TIPS, ETC refers to line 7
- TAXABLE INTEREST INCOME refers to line 8a
- TAX-EXEMPT INTEREST refers to line 8b
- and so on.
***Part of sample tax transcript at the IRS website***
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).
The wage transcript is a shorthanded version of the W2 ... just read it and you will see the employers name and EIN# plus boxes 1 thru 14 of the W-2 form so you will enter the info on the W-2 input screen as if you had the real form in front of you ... go slow and read it carefully. What you will not have on the Federal transcript is any of the state information. If you need to file a state return you will need to get a duplicate copy of the form from the employer.
I am working on a previous year return by using a Wage and Income Transcript for a family member but it does not list the full name & tax ID for the employer (ex: employer is "A PL" & tax ID "xxxxx1234"). Can this be used for submitting the taxes & how do I list this on the tax return?
Thanks in advance for any info/assistance,
It sounds like you are doing a big favor for a family member who did not save their own tax documents and records. Since the transcript you are working with lacks some of the information you need such as the employer ID, you may have to contact that employer to ask for the ID #. Better still, have the family member do that. If your family member lives in a state with a state income tax, the transcript is not going to have any of the state information you need to prepare a state return. If at all possible, get the former employer to send a copy of the W-2.
Another option is to pay Social Security for a copy of the W-2. It will cost $86.
To get a copy of a W-2 from Social Security https://faq.ssa.gov/en-us/Topic/article/KA-02501
Yes, you can use it. You get the wages and income transcript from the IRS, who gets all their info from the SSA. the TurboTax software might not take it without this, but you can still file. Call HR at that company, or try googling say "walmart ein" Google says "The employer identification number (EIN) for Walmart Inc. is [social security number removed]." be careful though. most folks that work at walmart work for Wal-mart Associates. EIN 71-0794409 - Wal-mart Associates, Inc., Bentonville ... So its good that you have the last 4 to compare. subsidiaries are like this often.
The program will give you many errors for the missing info (but since you must mail in the returns and attach a copy of the transcript) it really doesn't matter. Ignore those error messages.
the problem with the IRS transcript is that it will not contain any state info. if you have to file a state return you can get a full replacement copy from the Social Security Administration though there is a fee.
I am mailing in 4 years of back taxes. On my 2015 taxes I don't have my W-2 for one of my jobs. I have a Wage and Income Transcript. I used that info for my missing W-2. Can I mail the transcript in, in place of my W-2? Or can I get a replacement W-2 from an employer that is no longer in business?
Yes, you can use a Wage and Income transcript in place of a W2 when preparing and filing back taxes.
A Wage and Income transcript will not provide you state income tax withholding information.
Thank you for answering. Can you tell me is there a way that I can get a copy of a 2015 W-2 from an employer that is no longer in business. I was told to try the SSA and I paid $91 for pretty much another wage and income transcript. What exactly do I ask for to receive a copy of the W-2 in order to file my state taxes? I live in Oklahoma if that helps.