The IRS Record of Account is a valuable tax transcript that merges two key IRS reports: the tax return transcript and the account transcript. This combined summary offers a clear, concise view of your tax filings and subsequent IRS account activity, including payments, penalties, refunds, and adjustments made after filing.
Each year, millions of taxpayers submit tax returns, and the IRS maintains detailed records to manage and verify this data. The Record of Account helps taxpayers and IRS officials by presenting an accessible snapshot of a taxpayer’s IRS interactions related to income tax filings.
How Does the Record of Account Work?
- Tax Return Transcript: This portion provides a summary of the original tax return you filed. It includes important figures such as your adjusted gross income (AGI), filing status, and line items from your Form 1040 or equivalent.
- Account Transcript: This section lists account activities occurring after the initial filing, such as payments made, penalties assessed, interest charged, and any adjustments or corrections by the IRS.
By combining these reports, the Record of Account offers a thorough overview of your tax history with the IRS for the requested tax years.
Who Needs a Record of Account?
This transcript is commonly requested during:
- IRS audits to review your complete tax and account history.
- Loan applications where lenders require proof of income and tax compliance.
- Tax disputes or notices to verify reported information and resolve discrepancies.
Anyone with a valid Social Security Number (SSN) or Individual Tax Identification Number (ITIN) can request their Record of Account for the current tax year and up to three prior years.
How to Request Your IRS Record of Account
You can obtain your Record of Account transcript through several methods:
- Online: Use the IRS Get Transcript tool for immediate, secure access by creating an account at IRS Get Transcript.
- By Phone: Call the IRS transcript line at 1-800-908-9946.
- Mail: Submit a completed Form 4506-T, Request for Transcript of Tax Return, by mail or fax.
The IRS provides these transcripts free of charge. Online requests typically provide instant access, whereas mail or phone requests can take up to 10 business days.
Important Tips for Using Your Record of Account
- Review your transcript annually before filing your taxes to ensure accuracy and help detect any hidden penalties or adjustments.
- Keep a copy for audits or disputes as supporting documentation.
- Use it for income verification when applying for mortgages, student loans, or other financial products.
- Protect your data: Always use secure IRS channels to request transcripts and avoid sharing sensitive tax information with untrusted sources.
Common Misconceptions
- The Record of Account is not a complete copy of your tax return; it summarizes the key figures and account changes.
- It does not replace the need to file your tax return; it only reflects information the IRS has on file.
- Not all attachments or schedules filed with your return appear in this transcript.
Comparing IRS Transcript Types
| Transcript Type | Includes | Purpose |
|---|---|---|
| Tax Return Transcript | Summary of filed tax return lines | Verify original tax return |
| Account Transcript | Post-filing payments, penalties, adjustments | Track account activity |
| Record of Account | Combination of Tax Return + Account Transcripts | Comprehensive tax summary |
| Wage and Income Transcript | Employer-reported income details | Verify reported income sources |
For more details on requesting transcripts and transcript types, visit the official IRS Get Transcript page.
Sources
- IRS: Get Transcript
- IRS Transcript Types: Tax Return Transcript Types
- NerdWallet: What is an IRS Record of Account Transcript?