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minibadger

What is a tax return and what is a transcript?

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I have read on this site that for the K-1 a "copy of your last income tax return or a tax transcript" is what I need. But this brings up a question.

Is a "copy of my last income tax return" just a photocopy of the filled-out forms I will send in to file my taxes, such as, for example, the 1040EZ, before I actually send it into the mail to file it? If not, what is it?

What is a "tax transcript" and how long, approximately, after sending my income taxes in [early] would one be available?

My dilemma is that I have no tax returns for 2006 and 2007, so 2008 will be my first one where I show a really good income. I will file it as soon as I get my W-2s sometime in early January. The problem is, according to the K-1 timelines, our meeting should be somewhere between late January and early March. I worry that, if an income tax copy isn't just a copy before I send it in, whatever they DO want won't be available before the meeting.

Help?

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My dilemma is that I have no tax returns for 2006 and 2007, so 2008 will be my first one where I show a really good income. I will file it as soon as I get my W-2s sometime in early January. The problem is, according to the K-1 timelines, our meeting should be somewhere between late January and early March. I worry that, if an income tax copy isn't just a copy before I send it in, whatever they DO want won't be available before the meeting.

Help?

I don't understand what you are trying to say.

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My dilemma is that I have no tax returns for 2006 and 2007, so 2008 will be my first one where I show a really good income. I will file it as soon as I get my W-2s sometime in early January. The problem is, according to the K-1 timelines, our meeting should be somewhere between late January and early March. I worry that, if an income tax copy isn't just a copy before I send it in, whatever they DO want won't be available before the meeting.

Help?

I don't understand what you are trying to say.

A Tax Transcript is obtainable from the IRS - you can either print it from their website or call the number listed to obtain one. Since you may be adjudicated early in 2008 you may want to file early and then request- otherwise your paystubs from your employer along with a letter stating your salary etc should suffice - pay stubs are important tho- a copy of your of your return is ok as long as it is backed up with the W-2's. Otherwise you may need the tax transcript.

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I have read on this site that for the K-1 a "copy of your last income tax return or a tax transcript" is what I need. But this brings up a question.

Is a "copy of my last income tax return" just a photocopy of the filled-out forms I will send in to file my taxes, such as, for example, the 1040EZ, before I actually send it into the mail to file it? If not, what is it?

What is a "tax transcript" and how long, approximately, after sending my income taxes in [early] would one be available?

My dilemma is that I have no tax returns for 2006 and 2007, so 2008 will be my first one where I show a really good income. I will file it as soon as I get my W-2s sometime in early January. The problem is, according to the K-1 timelines, our meeting should be somewhere between late January and early March. I worry that, if an income tax copy isn't just a copy before I send it in, whatever they DO want won't be available before the meeting.

Help?

what timeline, you meet when you decide to meet then file and go from that time

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A transcript is something you request from the irs using this form. It's a bit more official.

http://www.irs.gov/pub/irs-pdf/f4506t.pdf

A return is just a copy of what you sent the irs. Of course, someone could just fill in a pdf saying they made a million dollars and use that, so the transcirpt is a bit better.

If you can't get it, they say you can use a copy of the return.

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