1. Tracey Martin, IRS | Dec. 2014 U.S. Treasury, Internal Revenue Service 2014 FSA Training Conference for Financial Aid Professionals What you Need to Know About the IRS Tax Return Transcript Process Session 49

2. Topics of Discussion Getting Your Tax Return Information –IRS Data Retrieval Tool (IRS DRT) –IRS Transcripts Automated Tools Form 4506-T IRS Service Approach –Calling the IRS –Visiting a Taxpayer Assistance Center 2

3. IRS Data Retrieval Tool Embedded link within FAFSA on the Web Applicants must successfully authenticate using information from the filed tax return Tax return data is available only after the return has posted to the IRS system Retrieves specific tax return data from an originally filed tax return and displays data on applicants’ browser Upon request, transfers the displayed data directly into specific questions on the FAFSA IRS Transcript usually not required if data is successfully transferred and not modified by applicant 2014 changes include text changes on Help Topics and Authentication pages 3

4. IRS Transcripts Tax Return transcripts – Anyone who filed a tax return, including first time filers Tax Account transcripts – Anyone who filed a tax return/amended return, including first time filers Record of Account – Anyone who filed a tax return/amended tax return, including first time filers Verification of Non-filing – Non-filer; letter not a transcript Information Returns Transcripts (W-2, 1099, 1098, 5498) – Anyone who has income that was reported to the IRS Tax Return Database View (TRDBV) – Taxpayer who filed an original tax return and can not get a normal transcript through other methods because of duplicate tax return posting 4

5. IRS Transcripts: Availability Electronically filed Tax Returns – $0 balance/refund returns: Generally available 2-3 weeks after the return has been accepted by IRS – Balance due/partial pay returns: Generally available by end of June or 3-4 weeks after the IRS receives the full/final payment Paper Tax Returns – $0 balance/refund returns: Generally available 8-11 weeks after the IRS receives the return – Balance due/partial pay returns: Generally available by end of July Amended Returns – Must be filed as a paper return – Generally available 12 weeks after the IRS receives the amended return ID Theft Cases – Must be filed as a paper return – Generally available 8-11 weeks after the IRS receives the duplicate return 5

6. IRS Transcripts: Availability When a tax return filer... If tax return filed electronically...If tax return is file manually... Has no amount owed to the IRS or has an expected refund at the time their tax return was submitted to the IRS Generally tax returns are accepted by the IRS within a day or two of the return having been electronically filed with the IRS. In most cases, IRS DRT is available and an IRS Tax Return Transcript may be requested within 2-3 weeks after the return has been accepted by the IRS. Generally tax returns are accepted by the IRS when the tax return is received by the IRS. In most cases, IRS DRT is available and an IRS Tax Return Transcript may be requested within 8-11 weeks after the tax return has been accepted by the IRS. Has an amount owed to the IRS and makes a full payment on that amount at the time their tax return was submitted to the IRS Generally tax returns are accepted by the IRS within a day or two of the return having been electronically filed with the IRS. In most cases, IRS DRT is available and an IRS Tax Return Transcript may be requested within 2-3 weeks after the return has been accepted by the IRS. IRS will process the tax return in June. In most cases, IRS DRT is available and an IRS Tax Return Transcript may be requested within 2-3 weeks after the tax return has been processed by the IRS. 6

7. IRS Transcripts: Availability When a tax return filer... If tax return filed electronically...If tax return is file manually... Has an amount owed and subsequent to submitting their tax return to the IRS, pays the full amount due Generally tax returns are accepted by the IRS within a day or two of the return having been electronically filed with the IRS. In most cases, IRS DRT is available and an IRS Tax Return Transcript may be requested within 2-3 weeks after the return has been accepted by the IRS. IRS will process the tax return in June. In most cases, IRS DRT is available and an IRS Tax Return Transcript may be requested within 2-3 weeks after the tax return has been processed by the IRS. At the time their tax return was submitted to the IRS, has an amount owed and has not paid in full. Generally tax returns are accepted by the IRS within a day or two of the return having been electronically filed with the IRS. However, IRS will not process the return until May. In most cases, IRS DRT is available and an IRS Tax Return Transcript may be requested within 2-3 weeks after the return has been processed in May. IRS will process the tax return in June. In most cases, IRS DRT is available and an IRS Tax Return Transcript may be requested within 2-3 weeks after the tax return has been processed by the IRS. 7

8. IRS Transcripts: Common Scenarios A student/parent/spouse says that they cannot receive an IRS tax transcript from a regional office. A parent/student/spouse says they filed their taxes, but their information is not available for a transcript. A parent/student says that they cannot get a copy of their tax information, and the IRS says they can’t give them anything in writing either. A student/parent/spouse says that he or she cannot get a copy of their tax information, and the IRS says it is because they owe money on the current year’s return. A student/parent/spouse claims to be a victim of IRS identity theft says that he or she cannot get a copy of the TRDBV. 8

9. IRS Transcripts: Ordering Form 4506-T –Manual process; up to 10 business days to process request and send transcript to the specified address –Third party address identified on Line 5 must be very specific Transcript Toll free telephone line –Self service; 5-10 business day delivery to the address on file –1.800.908.9946 IRS2Go –Self service; mobile app; 5-10 business day delivery to the address on file –Available for Android and iOS (Apple) mobile devices Get Transcript –Self service; web app; delivery by mail or online –http://www.irs.gov/Individuals/Get-Transcripthttp://www.irs.gov/Individuals/Get-Transcript 9

10. IRS Transcripts – Get Transcript Get Transcript is an IRS online service that provides an electronic copy of an official IRS Transcripts Key features: – Can choose to get transcript By Mail or Online – Delivers all available Transcript types and/or Letters of Non-Filing Does not provide copy of TRDBV – Accessible after taxpayers authenticate Additional language added to assist users with Authentication requirements – Delivers transcript in 5-10 business days if By Mail is chosen – Immediately displays PDF version of transcript for users to view, print, and/or save if Online is chosen Get Transcript Online is IRS’s preferred Transcript delivery channel 10

11. 2014 Service Approach Redirects individual taxpayer transcript requests to the Get Transcript Online application. – Existing mobile, web and phone applications will also be available as well as Form 4506-T. In rare circumstances, IRS will provide transcripts via live assistance. Offering IRS automated self service tools to the taxpayer will allow IRS employees to focus on more complex taxpayer account issues. 11

12. IRS Resources Resource page for Students – http://www.irs.gov/Individuals/Students http://www.irs.gov/Individuals/Students Provides information and links Resource page for Parents – http://www.irs.gov/Individuals/Parents http://www.irs.gov/Individuals/Parents Provides information and links Resource page for Identity Theft Victims – http://www.irs.gov/Identity-Protection http://www.irs.gov/Identity-Protection Provides information and links Tax Account Issues – 1.800.829.1040 12

13. QUESTIONS? 13