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Sample Tax Return Transcript Preview
Page 1 of 6
This Product Contains Sensitive Taxpayer Data
Tax Return Transcript
|
Request Date: |
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Response Date: |
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Tracking Number: |
100200235179 |
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Customer File Number: |
0987654321 |
SSN Provided: |
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Tax Period Ending: Dec. 31, 2017
The following items reflect the amount as shown on the return (PR), and the amount as adjusted (PC), if applicable. They do not show subsequent activity on the account.
SSN: |
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SPOUSE SSN: |
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NAME(S) SHOWN ON RETURN: DRAK |
||
ADDRESS: |
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123 DA |
FILING STATUS: |
Single |
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FORM NUMBER: |
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1040 |
CYCLE POSTED: |
20181005 |
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RECEIVED DATE: |
Jan.15, 2018 |
|
REMITTANCE: |
|
$0.00 |
EXEMPTION NUMBER: |
1 |
|
DEPENDENT 1 |
N ME CTRL: |
|
DEPENDENT 1 |
SSN: |
|
DEPENDENT 2 |
N ME CTRL: |
|
DEPENDENT 2 |
SSN: |
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DEPENDENT 3 |
N ME CTRL: |
|
DEPENDENT 3 |
N: |
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DEPENDENT 4 |
N ME CTRL: |
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DEPENDENT 4 |
N: |
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PTIN: |
|
|
PREPARER EIN: |
|
|
Income
WAGES, SALARIES, TIPS, ETC: |
$13,000.00 |
TAXABLE INTEREST INCOME: SCH B: |
$0.00 |
$0.00 |
|
ORDINARY DIVIDEND INCOME: SCH B: |
$0.00 |
QUALIFIED DIVIDENDS: |
$0.00 |
REFUNDS OF STATE/LOCAL TAXES: |
$0.00 |
8/9/2018
Page 2 of 6
ALIMONY RECEIVED: |
|
$0.00 |
BUSINESS INCOME OR LOSS (Schedule C): |
|
$2,500.00 |
BUSINESS INCOME OR LOSS: SCH C PER COMPUTER: |
|
$2,500.00 |
CAPITAL GAIN OR LOSS: (Schedule D): |
|
$0.00 |
CAPITAL GAINS OR LOSS: SCH D PER COMPUTER: |
|
$0.00 |
OTHER GAINS OR LOSSES (Form 4797): |
|
$0.00 |
TOTAL IRA DISTRIBUTIONS: |
|
$0.00 |
TAXABLE IRA DISTRIBUTIONS: |
|
$0.00 |
TOTAL PENSIONS AND ANNUITIES: |
|
$0.00 |
SAMPLE |
$0.00 |
|
TAXABLE PENSION/ANNUITY AMOUNT: |
|
|
RENT/ROYALTY/PARTNERSHIP/ESTATE (Schedule E): |
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$0.00 |
RENT/ROYALTY/PARTNERSHIP/ESTATE (Schedule E) PER COMPUTER: |
|
$0.00 |
RENT/ROYALTY INCOME/LOSS PER COMPUTER: |
|
$0.00 |
ESTATE/TRUST INCOME/LOSS PER COMPUTER: |
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$0.00 |
|
$0.00 |
|
FARM INCOME OR LOSS (Schedule F): |
|
$0.00 |
FARM INCOME OR LOSS (Schedule F) PER COMPUTER: |
|
$0.00 |
UNEMPLOYMENT COMPENSATION: |
|
$0.00 |
TOTAL SOCIAL SECURITY BENEFITS: |
|
$0.00 |
TAXABLE SOCIAL SECURITY BENEFITS: |
|
$0.00 |
TAXABLE SOCIAL SECURITY BENEFITS PER COM UTER: |
|
$0.00 |
OTHER INCOME: |
|
$0.00 |
SCHEDULE EIC SE INCOME PER COMPUTER: |
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$2,323.00 |
SCHEDULE EIC EARNED INCOME PER COMPUTER: |
$15,323.00 |
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SCH EIC DISQUALIFIED INC COMPUTER: |
|
$0.00 |
TOTAL INCOME: |
$15,500.00 |
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TOTAL INCOME PER COMPUTER: |
$15,500.00 |
|
Adjustments to Income
EDUCATOR EXPENSES: |
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$0.00 |
||
EDUCATOR EXPENSES PER CO PUTER: |
$0.00 |
|||
RESERVIST AND OTHER |
BUSINESS EXPENSE: |
$0.00 |
||
HEALTH |
VINGS |
CCT |
DEDUCTION: |
$0.00 |
HEALTH S VINGS |
CCT |
DEDUCTION PER CO PTR: |
$0.00 |
|
MOVING EXPENSES: F3903: |
$0.00 |
|||
SELF EMPLOYMENT T X DEDUCTION: |
$177.00 |
|||
SELF EMPLOYMENT T X DEDUCTION PER COMPUTER: |
$177.00 |
|||
ELF EMPLOYMENT T X DEDUCTION VERIFIED: |
$0.00 |
|||
KEOGH/ EP CONTRIBUTION DEDUCTION: |
$0.00 |
|||
$0.00 |
||||
EARLY WITHDRAWAL OF |
AVINGS PENALTY: |
$0.00 |
||
ALIMONY PAID |
N: |
|
|
|
ALIMONY PAID: |
|
|
$0.00 |
|
IRA DEDUCTION: |
|
|
$0.00 |
|
IRA DEDUCTION PER COMPUTER: |
$0.00 |
|||
STUDENT LOAN INTEREST DEDUCTION: |
$0.00 |
|||
STUDENT LOAN INTEREST DEDUCTION PER COMPUTER: |
$0.00 |
|||
STUDENT LOAN INTEREST DEDUCTION VERIFIED: |
$0.00 |
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TUITION AND FEES DEDUCTION: |
$0.00 |
|||
TUITION AND FEES DEDUCTION PER COMPUTER: |
$0.00 |
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DOMESTIC PRODUCTION ACTIVITIES DEDUCTION: |
$0.00 |
|||
8/9/2018
Page 3 of 6
DOMESTIC PRODUCTION ACTIVITIES DEDUCTION PER COMPUTER: |
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$0.00 |
|||
OTHER ADJUSTMENTS: |
|
|
$0.00 |
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ARCHER MSA DEDUCTION: |
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$0.00 |
|||
ARCHER MSA DEDUCTION PER COMPUTER: |
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$0.00 |
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TOTAL ADJUSTMENTS: |
|
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$177.00 |
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TOTAL ADJUSTMENTS PER COMPUTER: |
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$177.00 |
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ADJUSTED GROSS INCOME: |
$15,323.00 |
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ADJUSTED GROSS INCOME PER COMPUTER: |
$15,323.00 |
||||
SAMPLE |
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||||
Tax and Credits |
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NO |
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BLIND: |
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NO |
SPOUSE |
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NO |
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SPOUSE BLIND: |
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NO |
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STANDARD DEDUCTION PER COMPUTER: |
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$4,850.00 |
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ADDITIONAL STANDARD DEDUCTION PER COMPUTER: |
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$0.00 |
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TAX TABLE INCOME PER COMPUTER: |
$10,473.00 |
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EXEMPTION AMOUNT PER COMPUTER: |
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$3,100.00 |
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TAXABLE INCOME: |
|
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$7,373.00 |
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TAXABLE INCOME PER COMPUTER: |
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$7,373.00 |
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TOTAL POSITIVE INCOME PER COMPUTER: |
$15,500.00 |
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TENTATIVE TAX: |
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|
$749.00 |
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TENTATIVE TAX PER COMPUTER: |
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$749.00 |
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FORM 8814 ADDITIONAL TAX AMOUNT: |
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$0.00 |
|||
TAX ON INCOME LESS SOC SEC INCOME PER COM UTER: |
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$0.00 |
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FORM 6251 ALTERNATIVE MINIMUM TAX: |
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$0.00 |
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FORM 6251 ALTERNATIVE INI UM TAX PER CO UTER: |
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$0.00 |
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FOREIGN TAX CREDIT: |
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$0.00 |
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FOREIGN TAX CREDIT PER CO PUTER: |
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$0.00 |
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FOREIGN INCOME EXCLUSION PER CO PUTER: |
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$0.00 |
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FOREIGN INCOME EXCLUSION TAX PER CO PUTER: |
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$0.00 |
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EXCESS ADVANCE PREMIUM TAX CREDIT REPAY ENT OUNT: |
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$0.00 |
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EXCESS |
DV NCE PREMIUM T X CREDIT REP Y ENT VERIFIED A OUNT: |
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$0.00 |
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CHILD & DEPENDENT C RE CREDIT: |
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$0.00 |
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CHILD & DEPENDENT C RE CREDIT PER COMPUTER: |
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$0.00 |
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CREDIT FOR ELDERLY |
ND DIS BLED: |
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$0.00 |
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CREDIT FOR ELDERLY |
ND DIS BLED PER COMPUTER: |
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$0.00 |
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EDUCATION CREDIT: |
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$0.00 |
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EDUCATION CREDIT PER COMPUTER: |
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$0.00 |
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GRO EDUC TION CREDIT PER COMPUTER: |
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$0.00 |
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RETIREMENT |
AVINGS CNTRB CREDIT: |
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$0.00 |
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RETIREMENT |
AVINGS CNTRB CREDIT PER COMPUTER: |
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$0.00 |
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PRIM RET |
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AV CNTRB: F8880 LN6A: |
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$0.00 |
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EC RET |
AV CNTRB: F8880 LN6B: |
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$0.00 |
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TOTAL RETIREMENT |
AVINGS CONTRIBUTION: F8880 CMPTR: |
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$0.00 |
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RESIDENTIAL ENERGY CREDIT: |
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$0.00 |
|||
RESIDENTIAL ENERGY CREDIT PER COMPUTER: |
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$0.00 |
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CHILD TAX CREDIT: |
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$0.00 |
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CHILD TAX CREDIT PER COMPUTER: |
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$0.00 |
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ADOPTION CREDIT: F8839: |
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$0.00 |
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ADOPTION CREDIT PER COMPUTER: |
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$0.00 |
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8/9/2018
Page 4 of 6
FORM 8396 MORTGAGE CERTIFICATE CREDIT: |
$0.00 |
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FORM 8396 MORTGAGE CERTIFICATE CREDIT PER COMPUTER: |
$0.00 |
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F3800, F8801 AND OTHER CREDIT AMOUNT: |
$0.00 |
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FORM 3800 GENERAL BUSINESS CREDITS: |
$0.00 |
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FORM 3800 GENERAL BUSINESS CREDITS PER COMPUTER: |
$0.00 |
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PRIOR YR MIN TAX CREDIT: F8801: |
$0.00 |
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PRIOR YR MIN TAX CREDIT: F8801 PER COMPUTER: |
$0.00 |
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F8936 |
ELECTRIC MOTOR VEHICLE CREDIT AMOUNT: |
$0.00 |
F8936 |
ELECTRIC MOTOR VEHICLE CREDIT PER COMPUTER: |
$0.00 |
SAMPLE |
$0.00 |
|
F8910 |
ALTERNATIVE MOTOR VEHICLE CREDIT AMOUNT: |
|
F8910 |
ALTERNATIVE MOTOR VEHICLE CREDIT PER COMPUTER: |
$0.00 |
OTHER CREDITS: |
$0.00 |
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TOTAL CREDITS: |
$0.00 |
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TOTAL CREDITS PER COMPUTER: |
$0.00 |
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INCOME TAX AFTER CREDITS PER COMPUTER: |
$749.00 |
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Other Taxes
SE TAX: |
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$354.00 |
SE TAX PER COMPUTER: |
|
$354.00 |
SOCIAL SECURITY AND MEDICARE TAX ON UNREPORTED TIPS: |
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$0.00 |
SOCIAL SECURITY AND MEDICARE TAX ON UNRE ORTED TI |
ER COM UTER: |
$0.00 |
TAX ON QUALIFIED PLANS F5329 (PR): |
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$0.00 |
TAX ON QUALIFIED PLANS F5329 PER COM UTER: |
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$0.00 |
IRAF TAX PER COMPUTER: |
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$0.00 |
TP TAX FIGURES (REDUCED BY IRAF) PER COM UTER: |
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$1,103.00 |
IMF TOTAL TAX (REDUCED BY IRAF) PER COM UTER: |
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$1,103.00 |
OTHER TAXES PER COMPUTER: |
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$0.00 |
UNPAID FICA ON REPORTED TIPS: |
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$0.00 |
OTHER TAXES: |
|
$0.00 |
RECAPTURE TAX: F8611: |
|
$0.00 |
HOUSEHOLD EMPLOYMENT TAXES: |
|
$0.00 |
HOUSEHOLD EMPLOYMENT TAXES PER CO PUTER: |
|
$0.00 |
HEALTH C RE RESPONSIBILITY PEN LTY: |
|
$0.00 |
HEALTH C RE RESPONSIBILITY PEN LTY VERIFIED: |
|
$0.00 |
HEALTH COVER GE REC PTURE: F8885: |
|
$0.00 |
RECAPTURE T XES: |
|
$0.00 |
TOTAL SSESSMENT PER COMPUTER: |
|
$1,103.00 |
TOTAL T X LI BILITY TP FIGURES: |
|
$1,103.00 |
TOTAL T X LI BILITY TP FIGURES PER COMPUTER: |
|
$1,103.00 |
Payments
FEDERAL INCOME TAX WITHHELD: |
$1,000.00 |
|
HEALTH CARE: INDIVIDUAL RESPONSIBILITY: |
$0.00 |
|
HEALTH CARE |
0 |
|
E TIMATED TAX |
PAYMENT : |
$0.00 |
OTHER PAYMENT CREDIT: |
$0.00 |
|
REFUNDABLE EDUCATION CREDIT: |
$0.00 |
|
REFUNDABLE EDUCATION CREDIT PER COMPUTER: |
$0.00 |
|
REFUNDABLE EDUCATION CREDIT VERIFIED: |
$0.00 |
|
EARNED INCOME CREDIT: |
$0.00 |
|
EARNED INCOME CREDIT PER COMPUTER: |
$0.00 |
|
EARNED INCOME CREDIT NONTAXABLE COMBAT PAY: |
$0.00 |
|
8/9/2018
Page 5 of 6
SCHEDULE 8812 |
NONTAXABLE COMBAT PAY: |
$0.00 |
EXCESS SOCIAL |
SECURITY & RRTA TAX WITHHELD: |
$0.00 |
SCHEDULE 8812 |
TOT SS/MEDICARE WITHHELD: |
$0.00 |
SCHEDULE 8812 |
ADDITIONAL CHILD TAX CREDIT: |
$0.00 |
SCHEDULE 8812 |
ADDITIONAL CHILD TAX CREDIT PER COMPUTER: |
$0.00 |
SCHEDULE 8812 |
ADDITIONAL CHILD TAX CREDIT VERIFIED: |
$0.00 |
AMOUNT PAID WITH FORM 4868: |
$0.00 |
|
FORM 2439 REGULATED INVESTMENT COMPANY CREDIT: |
$0.00 |
|
FORM 4136 CREDIT FOR FEDERAL TAX ON FUELS: |
$0.00 |
|
SAMPLE |
$0.00 |
|
FORM 4136 CREDIT FOR FEDERAL TAX ON FUELS PER COMPUTER: |
||
HEALTH COVERAGE TX CR: F8885: |
$0.00 |
|
PREMIUM TAX CREDIT AMOUNT: |
$0.00 |
|
PREMIUM TAX CREDIT VERIFIED AMOUNT: |
$0.00 |
|
PRIMARY NAP FIRST TIME HOME BUYER INSTALLMENT AMT: |
$0.00 |
|
SECONDARY NAP |
FIRST TIME HOME BUYER INSTALLMENT AMT: |
$0.00 |
FIRST TIME HOMEBUYER CREDIT REPAYMENT AMOUNT: |
$0.00 |
|
FORM 5405 TOTAL HOMEBUYERS CREDIT REPAYMENT PER COMPUTER: |
$0.00 |
|
SMALL EMPLOYER HEALTH INSURANCE PER COMPUTER: |
$0.00 |
|
SMALL EMPLOYER HEALTH INSURANCE PER COMPUTER (2): |
$0.00 |
|
FORM 2439 AND |
OTHER CREDITS: |
$0.00 |
TOTAL PAYMENTS: |
$1,000.00 |
|
TOTAL PAYMENTS PER COMPUTER: |
$1,000.00 |
|
Refund or Amount Owed
AMOUNT YOU OWE: |
$103.00 |
APPLIED TO NEXT YEAR'S ESTIMATED TAX: |
$0.00 |
ESTIMATED TAX PENALTY: |
$0.00 |
TAX ON INCOME LESS STATE REFUND PER CO UTER: |
$0.00 |
BAL DUE/OVER PYMT USING TP FIG PER CO PUTER: |
$103.00 |
BAL DUE/OVER PYMT USING CO PUTER FIGURES: |
$103.00 |
FORM 8888 TOTAL REFUND PER CO PUTER: |
$0.00 |
Third Party Designee
THIRD P RTY DESIGNEE ID NU BER: |
|
AUTHORIZ TION INDIC TOR: |
0 |
THIRD RTY DESIGNEE N ME: |
|
Schedule
OCIAL |
ECURITY NUMBER: |
|
EMPLOYER |
ID NUMBER: |
|
BU INE |
NAME: |
|
DE CRIPTION OF BU INE /PROFESSION: |
DRAK |
|
NAICS CODE: |
000000 |
|
ACCT MTHD: |
|
|
FIR T TIME CHEDULE C FILED: |
N |
|
TATUTORY EMPLOYEE IND: |
N |
|
INCOME
GROSS RECEIPTS OR SALES: |
$2,700.00 |
RETURNS AND ALLOWANCES: |
$0.00 |
NET GROSS RECEIPTS: |
$0.00 |
COST OF GOODS SOLD: |
$0.00 |
SCHEDULE C FORM 1099 REQUIRED: |
NONE |
8/9/2018
Page 6 of 6
SCHEDULE C FORM 1099 FILED: |
NONE |
OTHER INCOME: |
$0.00 |
EXPENSES
CAR AND TRUCK EXPENSES: |
$0.00 |
DEPRECIATION: |
$0.00 |
INSURANCE (OTHER THAN HEALTH): |
$0.00 |
MORTGAGE INTEREST: |
$0.00 |
LEGAL AND PROFESSIONAL SERVICES: |
$0.00 |
SAMPLE |
$0.00 |
REPAIRS AND MAINTENANCE: |
|
TRAVEL: |
$0.00 |
MEALS AND ENTERTAINMENT: |
$0.00 |
WAGES: |
$0.00 |
OTHER EXPENSES: |
$0.00 |
TOTAL EXPENSES: |
$200.00 |
EXP FOR BUSINESS USE OF HOME: |
$0.00 |
SCH C NET PROFIT OR LOSS PER COMPUTER: |
$2,500.00 |
AT RISK CD: |
|
OFFICE EXPENSE AMOUNT: |
$0.00 |
UTILITIES EXPENSE AMOUNT: |
$0.00 |
COST OF GOODS SOLD
INVENTORY |
AT |
BEGINNING OF |
YEAR: |
$0.00 |
INVENTORY |
AT |
END OF YEAR: |
|
$0.00 |
Schedule
SSN OF |
|
NET FARM PROFIT/LOSS: SCH F: |
$0.00 |
CONSERVATION RESERVE PROGRAM PAY ENTS: |
$0.00 |
NET NONFARM PROFIT/LOSS: |
$2,500.00 |
TOTAL SE INCOME: |
$2,500.00 |
SE QUARTERS COVERED: |
4 |
TOTAL SE TAX PER COMPUTER: |
$353.12 |
SE INCOME COMPUTER VERIFIED: |
$0.00 |
SE INCOME PER COMPUTER: |
$2,308.00 |
TOTAL NET E RNINGS PER CO PUTER: |
$2,308.00 |
LONG FORM ONLY
TENTATIVE |
CHURCH RNINGS: |
$0.00 |
|
TOTAL SOC |
SEC & RR W GES: |
$0.00 |
|
E |
T X |
COMPUTER: |
$286.19 |
E MEDIC RE INCOME PER COMPUTER: |
$2,308.00 |
||
E MEDICARE TAX PER COMPUTER: |
$66.93 |
||
E FARM OPTION METHOD U ED: |
0 |
||
E OPTIONAL METHOD INCOME: |
$0.00 |
||
Form 8863 - Education Credits (Hope and Lifetime Learning Credits)
PART III - ALLOWABLE EDUCATION CREDITS
GROSS EDUCATION CR PER COMPUTER: |
$0.00 |
||
TOTAL EDUCATION CREDIT AMOUNT: |
$0.00 |
||
TOTAL EDUCATION CREDIT AMOUNT PER COMPUTER: |
$0.00 |
|
|
|
This Product Contains Sensitive Taxpayer Data |
|
|
|
|
|
|
8/9/2018
Documents used along the form
When preparing your taxes or applying for certain financial assistance programs, you may need to provide various documents alongside your Sample Tax Return Transcript. Each of these forms serves a unique purpose and can be crucial for verifying your financial situation. Below are some commonly used forms and documents that you might encounter.
- Form 1040: This is the standard individual income tax return form used by taxpayers to report their annual income. It summarizes your income, deductions, and tax liability for the year.
- Form W-2: Employers use this form to report wages paid to employees and the taxes withheld from them. It's essential for verifying your income and tax contributions.
- Form 1099: This form is issued for various types of income other than wages, salaries, or tips. Freelancers and independent contractors often receive a 1099 to report their earnings.
- Schedule C: If you're self-employed, this form is used to report income and expenses from your business. It helps determine your net profit or loss.
- Employment Verification Form: For verifying employee histories, utilize the detailed Employment Verification form resources to ensure accurate documentation.
- Form 4506-T: This is a request for a transcript of your tax return. You may need it when applying for loans or financial aid, as it provides a summary of your tax information.
- Form 8862: This form is used to claim the Earned Income Credit (EIC) after a prior disallowance. It demonstrates eligibility for this tax credit based on your income and family situation.
Each of these documents plays a vital role in your financial reporting and can impact your tax obligations or benefits. Being prepared with the right forms can help streamline your filing process and ensure accuracy in your financial disclosures.
Similar forms
- Tax Return Transcript: This document provides a summary of your tax return information as filed with the IRS. Like the Sample Tax Return Transcript, it includes details about income, deductions, and credits, but it does not reflect any changes made after the return was filed.
- IRS Form 1040: This is the standard individual income tax return form used to report personal income. Similar to the Sample Tax Return Transcript, it captures income sources, tax calculations, and personal information, but it is a more detailed document that taxpayers file annually.
- W-2 Form: This form is issued by employers to report wages paid and taxes withheld for employees. It shares similarities with the Sample Tax Return Transcript in that it summarizes income information, but it is specific to employment income and does not include other income types.
- Bill of Sale Form: A Bill of Sale form is essential for transferring ownership in transactions, serving as proof of sale and protecting both parties involved. To ensure a smooth experience, consider utilizing a Bill of Sale form.
- 1099 Form: This form is used to report various types of income other than wages, salaries, and tips. Like the Sample Tax Return Transcript, it outlines income received, but it is focused on non-employment income, such as freelance work or investment income.
- Tax Account Transcript: This document provides a record of your tax account with the IRS, including payments, adjustments, and any outstanding balances. It is similar to the Sample Tax Return Transcript in that it offers a summary of tax-related information, but it also includes transactional details not found in the Sample Tax Return Transcript.
Misconceptions
Understanding the Sample Tax Return Transcript can be confusing. Here are six common misconceptions:
- It shows all account activity. Many believe the transcript includes all transactions. In reality, it only reflects amounts as shown on the return and any adjustments, not subsequent account activity.
- It is the same as a full tax return. Some think a transcript is equivalent to a complete tax return. However, it summarizes key information and does not provide all details found in the original return.
- It includes personal financial details. There’s a misconception that the transcript contains sensitive financial information. While it does include taxpayer data, it omits certain details like bank account numbers.
- It can be used to file taxes. Many assume they can use the transcript to file their taxes. The transcript is for informational purposes only and cannot be submitted as a tax return.
- It is only available for the current tax year. Some people think transcripts are limited to the current year. They can actually request transcripts for multiple years, depending on their needs.
- It’s difficult to obtain. A common belief is that getting a transcript is complicated. In fact, taxpayers can easily request one online, by mail, or by phone through the IRS.
Understanding Sample Tax Return Transcript
-
What is a Tax Return Transcript?
A Tax Return Transcript is a summary of your tax return information, as reported to the IRS. It includes most line items from your tax return, such as your income, deductions, and credits. This document is often used for various purposes, including applying for loans or verifying income for government assistance programs.
-
How can I request a Tax Return Transcript?
You can request a Tax Return Transcript online through the IRS website, by phone, or by mailing Form 4506-T. If you choose to request it online, you will need to provide some personal information for verification. If you prefer to do it by mail, make sure to complete the form accurately to avoid delays.
-
Is there a fee to obtain a Tax Return Transcript?
No, there is no fee for requesting a Tax Return Transcript. The IRS provides this service free of charge, whether you request it online, by phone, or by mail.
-
How long does it take to receive my Tax Return Transcript?
Typically, if you request your transcript online or by phone, you can receive it immediately. If you mail your request, it may take up to 10 business days for the IRS to process it and send it to you. Keep in mind that during peak tax season, processing times may be longer.
-
What information is included in a Tax Return Transcript?
A Tax Return Transcript includes your filing status, adjusted gross income, taxable income, and the total tax you owed or refunded. It does not include any additional schedules or forms you may have filed with your return, such as detailed deductions or credits.
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Can I use a Tax Return Transcript for loan applications?
Yes, many lenders accept a Tax Return Transcript as proof of income when applying for loans. It provides a reliable summary of your financial situation, making it easier for lenders to assess your eligibility.
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What should I do if I find errors on my Tax Return Transcript?
If you notice any discrepancies between your transcript and your actual tax return, you should contact the IRS immediately. They can help you understand the issue and guide you on the steps to correct it, which may involve amending your tax return.
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How long does the IRS keep Tax Return Transcripts on file?
The IRS keeps Tax Return Transcripts on file for up to three years from the date you filed your return. If you need information from an older return, you may need to request a copy of the actual return instead.
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Can someone else request my Tax Return Transcript?
Yes, but they will need your written consent. You can designate a third party to receive your transcript by completing the appropriate section on Form 4506-T. This is often required for lenders or other institutions to access your tax information.
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What if I need a Tax Return Transcript for a year I didn’t file?
If you did not file a tax return for a specific year, you will not be able to obtain a Tax Return Transcript for that year. If you need proof of income, consider providing other documentation, such as W-2s or 1099s, for the income you earned during that time.