Find solution
IRS tax professionals?

Are IRS tax transcript and IRS tax return transcript the same?

  • I am having issues with my financial aid and there are asking me for the following: IRS Tax Transcript - Parent(s) IRS Tax Transcript-Stdnt/Spse I have NO idea what they are. My parents don't really know what it is either. I went to irs.gov and all they gave me was my parents IRS Tax Return Transcript. I am so confuse. Would anyone be so kindly enough to explain this to me? I would greatly appreciate it.

  • Answer:

    They are the same. I assume your parents filed their 2011 Federal income tax return earlier this year. If so, "IRS Tax Transcript - Parent(s)" is the Federal income tax transcript that is needed. This is the Federal Dept. of Internal Revenue (IRS) web page for your parents to request a 2011 income tax transcript: * http://www.irs.gov/individuals/article/0,,id=232168,00.html?portlet=105 If you had earnings enough in 2011 to require you to file a Federal income tax return earlier this year, then, you will need to request a transcript of your Federal income tax return. Use the same web page as cited above. If you did not need to file a Federal income tax return for 2011 earnings, then you do not need to provide an income tax transcript. If there is a question about it, telephone your school Financial Aid Office and ask a financial aid adviser. To figure out if you earned enough in 2011 to file a Federal income tax return, see this PDF document, instructions for the IRS 1040 income tax form, 2011, page 8/chart A of the document: * http://www.irs.gov/pub/irs-pdf/i1040.pdf Look at the Single filing status and the under 65 dollar amount of income in 2011 that would require you to file your own Federal income tax return. Librarians--Ask Us, We Answer! Find your local Public Library at: http://www.publiclibraries.com/ Find your College/University Library at: http://lists.webjunction.org/libweb/Academic_main.html Best wishes

John at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

No they are not the same. I thought the same thing. Because we get picked for verification every year because we do our FAFSA Jan 1 as an estimate to maximize our daughter's aid so automatically we are chosen for verification. Last year we had to give them copies or our returns. This year we saw that it said transcript and I thought it was the same thing so my daughter took them into her financial aid office at her college but the lady told us they are not doing that anymore. So what you have to do is use the IRS data retrieval tool. Not everyone can use it so read this whole thing: http://www.ecampustours.com/payingforcollege/financialaidandfafsa/irsdataretrievaltoolforfafsa Here is a video how to if you can use it: http://www.youtube.com/watch?v=W47_YTRVYD4 If you cant use it order one here: http://www.irs.gov/individuals/article/0,,id=232168,00.html?portlet=105

PETA

I think PETA gives great answers. In this case, an IRS tax transcript means the same as an IRS tax return transcript. The only difference is the word return in the 2nd phrase. Both terms mean an official document provided by the IRS to the person who filed the 2011 income tax return. Next year, when you complete your 2012-13 FAFSA, make sure your parents have already filed their 2012 federal income tax return; at least 3 weeks before finishing your FAFSA. Plus if you earned money during 2012 (get a W2 form from your employer by the end of Jan., file your own income tax return at least 3 weeks before doing your FAFSA. Then you can use the FAFSA IRS data retrieval tool which will electronicly add the income tax info to your FAFSA. That way you will not need to get IRS tax (return) transcripts for verification. It will save you some time next year.

Laurie

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.