This year, along with the usual year-end forms we ask clients to submit so we can prepare their taxes, we are also asking them to provide Notice 1444 & 1444-B — respectively, the letters that arrived with each of the two stimulus payments (or if direct deposited, around the same time).
However, because these Notices didn’t look like official tax documents, but rather letters from the White House, many taxpayers didn’t read or retain them. The letters contained this information:
- The amount of the payment
- A phone number to call with issues
- Where to find information about the payment on irs.gov
- How the payment was made i.e. direct deposit, check, or debit card
- A reminder to keep the notice with your taxpayer records for your 2020 tax return.
Because the IRS does not have the resources this year to create an online “lookup tool” the way they did the last time the government issued stimulus checks — their “Get My Payment” system simply states whether or not a payment was received, and not the amount — then as tax preparers we need the Notice 1444/1444-B to know whether the full amount was issued, or a lesser amount.
Why would this matter? If a taxpayer did not receive the full amount, then they are entitled to recoup the difference on their 2020 tax return.
(But don’t worry: if you received too much, you don’t have to pay it back — unless it was obtained fraudulently.)
After attending numerous year-end tax update courses, we’ve come to the conclusion that the best solution to the missing stimulus payment letter is to have clients download their own 2020 Account Transcript. It’s free, reasonably easy, and reliable.
Keep in mind that Steps 2-9 are one-time only, to register for an account. Once you have a login and password, you can easily access the site anytime you need a transcript.
- Go to the IRS’s Get Transcript home page and click the “Get Transcript Online” button.
2. Click the “Create Account” button.
3. Click “Continue” to register for an account. Once you’ve done this, you should save your login information so you can use it every time you need to order a transcript of any type (for example, a transcript of your most recent tax return).
4. You will need to provide various types of information to validate your identity. Click “Continue” or “Yes” for the next few screens, until you reach the “Let’s Get Started” page.
5. Enter the required information, click “Send Code”, and then check your email for the code and enter it on the following screen.
6. Enter the required information exactly as it appears on your tax return (SSN, date of birth, street address and zip code), then click “Continue”.
When entering the information into the IRS address matching system note the following:
- Refer to your most recent tax return and enter the address exactly as it is on your return; for example, spelling out the word “Street” rather than using the abbreviation “St” could be enough to cause an error.
- However, addresses in the IRS system are sometimes auto-corrected through a postal-address validation program and frustratingly, may not match what you put on your tax return. If you are having problems getting the address to match, try running your address through the USPS and trying the auto-corrected version.
7. To validate your identity, the IRS will need an account number from one of your financial accounts. You are able to use any of the following:
a) Credit Card Number (your credit card will NOT be charged);
b) Auto Loan Account Number;
c) Mortgage or Home Equity Loan Account Number; or,
d) Home Equity Line or Credit Account Number.
(If you do not have one of these, the system will not work for you and you’ll have to request a transcript by mail. And given Covid-19 wait times, that could take months, sadly. Don’t get me started on how inequitable this is.)
8. Enter your Mobile phone number and an Activation Code will be sent to you. Enter your code on the screen and click “Continue”.
9. Create a User Name and Password and Login.
Now you have an account! The rest is easy.
10. Once you’re in the system, you’ll need to select the reason you need a transcript.
In this case, you would select “Other”.
11. Leave the Customer File Number blank and click “Go”.
12. The screen will display all four types of transcript options and the available years.
13. Select “2020” under “Account Transcript”.
Make sure you are selecting the right kind of transcript.
(Click here for information on what each of the types of transcripts are.)
And like magic, a pdf pops up in a new tab of your browser with a letter from the IRS — and if you scroll down to the bottom, there’s section detailing all the transactions you need.
The two rounds of stimulus payments will have these codes:
At this point, print the file to pdf and save somewhere safe, along with the rest of your tax season documents.
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