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Viking99
Returning Member

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN

I have a sole prop "business" and used my EIN/TIN to open bank accounts. My Wage and Income transcript doesn't show the interest income for the EIN/TIN, only for my SSN. How can I get the transcript for my EIN/TIN?

17 Replies
Critter-3
Level 15

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN

A sole prop is a disregarded entity so the interest should be reported under the personal SS# and not on the Sch C.  Did you try to get this info from the bank ? 

 

https://www.irs.gov/newsroom/what-taxpayers-should-know-about-tax-return-copies-and-transcripts

DanPaul02
Level 7

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN

  1. Visit the IRS website. Go to https://www.irs.gov/, and click "Get my Tax Record." Select "Get Transcript by Mail."
  2. Fill the form out with your personal information. The form asks for your Social Security Number (SSN) or Individual Tax ID Number (ITIN).  
    Fill it out using only your ITIN.
  3. Choose which type of transcript you would like. You will see a dropdown box with 2 options for transcripts.
  4. Wait 5 to 10 days for the transcript to arrive. A paper transcript will arrive in an envelope. 
Viking99
Returning Member

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN

I have internet access to all my transcripts for my SSN. However, when I download the Wage and Income Transcript, it only shows the interest for my SSN, not my TIN. I had expected it to also show the interest for my TIN since my TIN is tied to my SSN (for Sole Props). Isn't there a way to get the interest for my TIN online like it is for my SSN?

Mike9241
Level 15

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN

by TIN I assume you actually mean the EIN (2 digits a dash and then 7 digits) you received for your business.  there are no tax transcripts for a sole proprietorship using an EIN. so if you need the interest paid by the bank call them or perhaps look at the last statement in December 2020 or January 2021. many banks report Y-T-D interest on them. 

Critter-3
Level 15

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN

  1. Visit the IRS website. Go to https://www.irs.gov/, and click "Get my Tax Record." Select "Get Transcript by Mail."
  2. Fill the form out with your personal information. The form asks for your Social Security Number (SSN) or Individual Tax ID Number (ITIN).  
    Fill it out using only your ITIN.
  3. Choose which type of transcript you would like. You will see a dropdown box with 2 options for transcripts.
  4. Wait 5 to 10 days for the transcript to arrive. A paper transcript will arrive in an envelope. 
 
 
 
Viking99
Returning Member

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN

Yes, I meant EIN (not TIN, although banks call it a TIN...). I tried order it online as suggested above, using the EIN instead of ITIN, but that didn't work (of course).
I find it strange that it is not possible to get a record for my EIN income. I am sure that IRS has it linked to my SSN.

macuser_22
Level 15

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN


@Viking99 wrote:

Yes, I meant EIN (not TIN, although banks call it a TIN...). I tried order it online as suggested above, using the EIN instead of ITIN, but that didn't work (of course).
I find it strange that it is not possible to get a record for my EIN income. I am sure that IRS has it linked to my SSN.


How did you file your business?   Was it part of your 1040 form on a Schedule C or was it a separate 1041 business tax return?

 

Transcripts are only available for your 1040 and associated forms using your SSN.   Business income on the 1040 Schedule C using your EIN will be part of it.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Viking99
Returning Member

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN

I haven't filed yet. Interest income will be part of my regular 1040, even though I gave my EIN to the bank (I have no other "business" income). In any case, this is not relevant to my question;

 

As I stated previously, I can find my interest income from the IRS wage and Income transcript when I give my SSN to bank,
However, there appears to be no way to get that info from the IRS when I gave the bank my EIN. I find that very strange. The IRS must be tracking it since the EIN is linked to my SSN

macuser_22
Level 15

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN


@Viking99 wrote:

I haven't filed yet. Interest income will be part of my regular 1040, even though I gave my EIN to the bank (I have no other "business" income). In any case, this is not relevant to my question;

 

As I stated previously, I can find my interest income from the IRS wage and Income transcript when I give my SSN to bank,
However, there appears to be no way to get that info from the IRS when I gave the bank my EIN. I find that very strange. The IRS must be tracking it since the EIN is linked to my SSN

 


I believe the online transcripts are only available for 1099's that are issued to your SSN.    You should get the 1099-INT from the financial institution for filing your tax return.

 

This  a question that you should ask the IRS.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Critter-3
Level 15

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN

If you cannot get this info from the bank then you can get a transcript by MAIL for the EIN. 

  1. Visit the IRS website. Go to https://www.irs.gov/, and click "Get my Tax Record." Select "Get Transcript by Mail."
  2. Fill the form out with your personal information. The form asks for your Social Security Number (SSN) or Individual Tax ID Number (ITIN).  
    Fill it out using only your ITIN.
  3. Choose which type of transcript you would like. You will see a dropdown box with 2 options for transcripts.
  4. Wait 5 to 10 days for the transcript to arrive. A paper transcript will arrive in an envelope. 
Viking99
Returning Member

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN

It does not work to get the transcript by mail if I replace the ITIN with EIN. I get an error message.

DanPaul02
Level 7

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN

ITIN and EIN are two different things.  You cannot replace one with the other.

Viking99
Returning Member

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN

Exactly. I was just responding to Critter-3.

There does not appear to be any way to get a transcript for my EIN from the IRS (as I have inquired above multiple times).

macuser_22
Level 15

My wage and Income Transcript Doesn't show Interest Income for Sole Prop using an EIN

As said before the IRS online transcript only accepts SSN's ot ITIN's.    You must request the transcript by mail by using a 4506 form that does allow for the Employer Identification Number (EIN).

 

https://www.irs.gov/pub/irs-pdf/f4506.pdf

 

Quote from the 4506 instructions:

Specific Instructions Line 1b. Enter the social security number (SSN) or
individual taxpayer identification number (ITIN) for
the individual listed on line 1a, or enter the employer
identification number (EIN) for the business listed on
line 1a. For example, if you are requesting Form
1040 that includes Schedule C (Form 1040), enter
your SSN.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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