How to access your IRS transcripts for an accurate tax return — and faster refund

Whether you’re filing a simple or complicated tax return, it’s critical to make sure it’s thorough — and you may have free online tools at your fingertips, in the form of IRS transcripts, to make the process easier.

“Oftentimes, filing a complete and accurate return is much better than filing the return quickly,” said Michael Prinzo, managing principal of tax at CliftonLarsonAllen.

Companies prepare tax forms such as W-2s or 1099s every year, with copies for taxpayers and the IRS. If you skip one of these forms on your return, it may trigger an IRS notice, which can delay the process, Prinzo said.

Generally, you can expect a refund within 21 days by filing an electronic, error-free return with direct deposit, according to the IRS.

One way to check which forms you need is by pulling an IRS transcript online, which summarizes some of your key tax information. You can learn more about each transcript type here.

The wage and income transcript can be useful if you’re missing forms from freelance work or your investment accounts, explained Jaycob Keuning, a certified financial planner at Straight Path Wealth Management in Jenison, Michigan.

The downside is that the wage and income transcript may not be complete until July, according to the IRS. But it may still be useful for amended or past-due filings.

If you’re not sure which forms you need, reviewing last year’s return transcript may be a good starting point, Keuning said. “From the tax preparer’s standpoint, that is like the holy grail,” because it’s easy to review last year’s filing line by line, he said.

Of course, it’s always best to review the original tax forms for complete details, including statements and footnotes, that may be needed for filing, Prinzo said.

For example, you won’t see the “basis” or starting price of your investments on a wage and income transcript, which you need to calculate profits or losses, he said.