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"Tax Account Transcript" or "Tax Return Transcript" ?

Discussion in 'US Citizenship' started by F2A04, Aug 31, 2008.

  1. F2A04

    F2A04 Registered Users (C)

    Friends,

    I am so confused about “Transcript of tax return” and “Transcript of account”. My ID is Sept 19. I am gathering all necessary documents. As I was suggested to have tax return documents, I had requested IRS to send it to me. I filled up a form 4605-T and sent to IRS. I also called and request to automatic phone line. Yesterday, I got 5 years (5 different envelops) tax “Account Transcripts”, each transcript has a page of my tax return summery. It would not make me confused if I did not get another type of tax return transcript few years ago. At that time, I had called and requested a transcript to file with I-130. It has several pages and just says it is a “Tax return transcript”. Can anyone tell me if I need any specified tax transcript? I really appreciate your response on it.

    Thank you
     
  2. POCTOB

    POCTOB Registered Users (C)

    “Transcript of account” is basic, 2 pages for each tax year wth some summary information - income, all deductions, taxes paid, refund.
    “Transcript of tax return” is really detailed, 5-6 pages, with all possible deductions/withholdings listed (even if 0)

    Well, since it's free, I got both, just in case :)

    And don't forget about you state tax returns :) for them I had to go to local state tax board office
     
  3. saf

    saf Active Member

    All the immigration officer cares about is to see if you had to pay off or still owe or already got refund. that's important.

    either way (account or return) is fine as long as it should show balance that you owe or refund or it is paid off. It is better to have both tax account transcript and tax return transcript, just to be safe.

    Good luck!
     
  4. njman08

    njman08 Banned

    return transcript does not indicate if you owe any tax to IRS for the tax year. But it lists all the line items as they exist in the tax return.

    account transcript is provides summary information of the tax return and, most importantly, the payments and adjustments made after submission of the tax return. In other words, it indicates whether any money is owed to IRS for the tax year. A zero balance in the account transcript proves that you have paid all the federal income taxes for the tax year.

    Both the transcrits are free and can be obtained quickly thru autmated phone service. So adviasble to take both of them for the interview.
     
  5. POCTOB

    POCTOB Registered Users (C)

    Sorry man, have to correct you. I have 2007 underpayed tax and it's clearly listed under "Refund or Amount you Owed" in my 2007 Tax Return Transcript, BUT! there is no mentioning of me paying this underpayed tax on my my 2007 Tax Return Transcript! THAT IS WHY "Tax Account Transcript" NEEDED! (so it's other way around from what you saying) :)

    On my 2007 Tax Account Transcript it lists under "Payment with return" which makes "Additional tax assesed" = 0

    Try to take both for last 5 years just to be safe (for some reason IRS might not give you Tax Return Transcript for earlier than 3 years + current year, so I only have Tax Account Transcript for 2003)
     
    Last edited by a moderator: Sep 1, 2008
  6. njman08

    njman08 Banned

    We are saying the same thing. Return transcript only reflects what is stated in the tax return you submitted. It does not say if you do or do not owe any tax for the tax year after considering the payments you made alongwith the return or thereafter, interest and penalties assessed, etc. Perhaps I did not make this elaborate enough in my earlier post.
    Account transcript states all the transactions in your account - payments made with and after the return, interest and penalties assessed and the resulting balance. If the balance is not zero, it means that you still owe tax to IRS.
    Account transcript with zero balance is conclusive evidence that you do not owe anything to IRS. Return transcript does not constitute such an evidence. Hence it is advisable to take both the transcripts to the interview.
     

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