Re:Killing TurboTax
by rainyMammoth on Wednesday March 03, 2021 @07:11PM
(#26336793)
you made me curious and I logged into the IRS to find those "transcripts". I really cannot tell if they generate that information from your own tax report or if they generate it from what they already got in their own databases.
Re:Killing TurboTax
by tppiotrowski on Wednesday March 03, 2021 @08:22PM
(#26337389)
> Wage and Income Transcript - shows data from information returns we receive such as Forms W-2, 1099, 1098 and Form 5498, IRA Contribution Information. Current tax year information may not be complete until July. This transcript is available for up to 10 prior years using Get Transcript Online or Form 4506-T.
https://www.irs.gov/individuals/transcript-types-and-ways-to...
Now it would be great for a tax program to ingest this PDF and auto-populate your tax return. Unfortunately no PDF for 2020 exists yet and it says it might not be available until October? I don’t know if generating this PDF is a slow process or if this information is intentionally withheld until after the tax filing date to make sure you are “honest” on your taxes.