When will 2024 Wage and Income Transcripts be available from the IRS?

Thanks for the info! Does this mean I would have to wait until July to file my 2024 taxes then? Or is this just for accessing the transcripts through the IRS? I'm confused because obviously we have to file taxes before July.

You don't need to wait until July to file your taxes. Most people file their taxes using the tax documents (W-2s, 1099s, etc.) that are sent directly to them by their employers and financial institutions, which should arrive by late January or February. The Wage and Income Transcript is a document from the IRS that compiles all the information that has been reported to them about your income. It's useful if you've lost your original documents or want to verify what was reported to the IRS, but it's not necessary for most people to file their taxes.

How exactly does that work? Does it automatically compare what's on your transcript to what you filed, or do you have to manually input everything you already filed?

Sounds interesting but also kinda sketchy. Is it secure? I'm always nervous about giving my tax info to random websites. How do you know it's legit?

The service works by analyzing the transcript data and comparing it to common tax situations. It looks for patterns and discrepancies that might indicate missing documents or reporting issues. You don't need to manually input everything - it does the analysis automatically once you upload your transcript. It's completely secure and uses bank-level encryption for all documents. I was skeptical at first too, but they don't store your documents permanently and they explain their security measures pretty clearly on their site. They're also registered with the IRS as an authorized e-file provider, which gave me confidence.

Wait, so you pay a service to call the IRS for you? Couldn't you just keep calling yourself? How does this actually work?

Sounds like a scam tbh. Why would anyone pay for something you can do yourself for free? The IRS eventually answers if you're persistent. What proof do you have this actually works better than just calling yourself at the right time of day?

It doesn't actually call the IRS for you - it essentially holds your place in the queue and alerts you when you're about to reach an agent. The problem isn't just calling the IRS, it's that they often have wait times of 2+ hours, and frequently disconnect you after you've been waiting. I totally get the skepticism. I tried calling myself for three weeks straight, different times of day, and either couldn't get through or would be on hold forever only to get disconnected. With Claimyr, I was able to go about my day and got a call when an agent was ready. For me, not having to sit on hold for hours was absolutely worth it. There are plenty of reviews online if you want to check its legitimacy.

I tried making an account but couldn't get past the verification. They wanted a credit card number but I only have debit cards and it wouldn't accept them. Any other ways to verify your identity with them?

There are several other ways to verify your identity. If the credit card verification doesn't work, you can try using a loan account number (like a student loan, mortgage, or auto loan). They can also mail you a verification code to your address of record, though that takes 5-10 business days. If online verification doesn't work at all, you can still request transcripts by mail using Form 4506-T, or you can make an appointment at a local IRS office. The in-person option is actually pretty efficient if there's an office near you.

Is there any way to know if your transcript is complete or still missing stuff? Like some kind of indicator or date stamp that shows when it was last updated?

Unfortunately, there's no clear indicator on the transcript itself that shows if it's complete or when it was last updated. The IRS doesn't provide a "last updated" timestamp or completion status. Your best bet is to cross-reference the transcript with any documents you have and keep checking periodically if you suspect something is missing. I usually check mine again in August and September just to be safe, especially if I know I had income from sources that are sometimes slow to report (like certain investment platforms or gig work). It's frustrating but that's just how the system works.

That's a really good point about the Return Transcript being available sooner! I hadn't thought about the difference between what I filed versus what was reported to the IRS. For financial planning purposes, would the Return Transcript be sufficient to verify my AGI and deductions from the previous year, or are there situations where you'd really need to wait for the Wage and Income Transcript? I'm trying to figure out if I can move forward with some planning decisions earlier rather than waiting until July.

For most financial planning purposes, the Return Transcript should be sufficient since it shows exactly what you filed - your AGI, total income, deductions, credits, and tax liability. This would give you the concrete numbers you need for things like income verification, loan applications, or planning next year's estimated taxes. You'd really only need to wait for the Wage and Income Transcript if you suspect there might be discrepancies between what you reported and what third parties reported to the IRS, or if you're missing original documents and need to reconstruct your income picture. But if you filed accurately and have your records, the Return Transcript should have everything you need for planning decisions much sooner than July. @aa5de8e68cf8 thanks for pointing out that distinction - it's really helpful for timing planning decisions!

This is really comprehensive advice, thanks! The point about lenders potentially accepting Return Transcripts instead of waiting for Wage and Income Transcripts is huge - I hadn't considered that. I'm actually looking at refinancing my mortgage next year and was worried I'd have to wait until July 2025 to get all the documentation they'd need. Quick follow-up question - when you mention discrepancies showing up in later updates, how often does that actually happen? Is it common enough that I should plan to check the transcript multiple times throughout the year, or is it more of a rare edge case? Trying to figure out how paranoid I need to be about this process! @3a2e6e3eb0c6 Really appreciate you sharing your experience with this!