The time has finally come and all your gigs and side hustles have paid off. Goodbye overpriced apartment. Hello, home ownership. 🏡 Congratulations! 🎉
With the down payment secured and your income level in good shape, it should be smooth sailing from here, right?
You might have thought so, but as you chat with your bank, you can’t help but wonder why you ever took a class on “Introduction to Beekeeping” rather than “Adulting and Finances 101.” But fear not, the first step is a breeze – just fill out that application form. Easy!
But wait – they need the details off of EVERY 1099 job? Seriously? You had around 15 of those last year, not to mention the two W2s. Feeling overwhelmed, you reach out to the bank for guidance, and they suggest that you obtain your Wage and Income Transcript. Sounds simple enough, right? But what in the world is a Wage and Income Transcript?
A quick Google search reveals that this is a one-stop document containing everything you need – it’s the magical central hub for your complete income history. It’s the IRS’s way of meticulously tracking every cent a third party reported you’ve earned, all linked to your Social Security number. You can’t help but ponder why you’re required to do all this legwork when the IRS already knows your financial story. Well, that’s a question for another day. For now, the burning question is, “How do you get your hands on this document?”
Nerd Alert: A Wage and Income Transcript shows data from information returns the IRS receives, such as W-2, 1098,1099, and 5498. This document shows important details around your total earnings, federal taxes withheld and payroll taxes paid. It also contains interest paid on student loans and important data around your mortgage interest. While information for the current tax year may not be finalized until July, this transcript provides data from up to 10 previous years. It is important to note that this does not reflect state tax withholdings.
Now, you could attempt to navigate the IRS data systems to secure this document, but guess what? There’s a simpler way – enter TaxNow! TaxNow’s user-friendly platform has your back when it comes to your tax information. Need details about all your 1099s and W2s? With TaxNow, you can get your Wage and Income Transcript with the click of a button.
TaxNow streamlines the process of retrieving this data – it’s your information, after all, so you should have easy access to it, right? No more second-guessing whether you filled out your tax forms correctly or worrying about your standing with the IRS. TaxNow grants you real-time access to information and alerts directly from the IRS, without any waiting.
In the fast-paced world of the gig economy, you’re juggling a lot. Dealing with your own tax data shouldn’t be another ball in the air. Sign up for TaxNow today and bid-farewell to tax-time headaches!
