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What Is the Difference Between a Tax Return Transcript and a Tax Account Transcript?

A Tax Return Transcript and a Tax Account Transcript offer different views of your tax information. A Tax Return Transcript displays most line items from your original tax return (e.g., Form 1040) as it was filed with the IRS. It's commonly used for income verification for mortgages, student loans, or financial aid, as it reflects the income, deductions, and credits you initially reported. However, it does not show any changes or adjustments made by the IRS after your return was processed.

In contrast, a Tax Account Transcript provides a summary of all financial transactions on your tax account for a specific tax year. This includes payments made, penalties assessed, refunds issued, and most importantly, any adjustments or corrections made by the IRS to your account after the original return was filed. While it shows the current status of your account and any post-filing activity, it does not detail the line-by-line information from your original return. Essentially, the Return Transcript shows what you reported, while the Account Transcript shows the IRS's record of your account's financial activity and any subsequent changes.

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