IRS tax transcript – Why do you need one?
Due to the increasing concern about fraudulent applications for mortgage, car loan, financial aid or some other form of funding, Financial institutions prefer to see copies of your tax transcript.
To better protect your information from identity theft the IRS has a new format that partially masks the personally identifiable information of everyone listed on the tax return. All financial entries will remain fully visible to assist with tax representation and income verification.
Taxpayers may request an unmasked Wage & Income transcript for tax preparation that will be mailed to the taxpayer’s address of record.