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What will a IRS transcript do?

Asked by: minchk 513 views YA Discussion

My refund status is “Processing”. I keep seeing people say they ordered their transcript and they hope that’ll push their refund status further. Why will doing this upate it? I had to file form 8862 and I’m wondering why it has taken so long to update. It was accepted on 1/30 and has not had anything further.

How others found here:

  • 2013 IRS FORM 8862

4 Answers

  1. card-ron on Feb 08, 2013 Reply

    Contrary to the latest myth, ordering a transcript will do nothing to push your return through the process quicker. Your Form 8862 cannot simply be processed by computer; it must be looked at by a real person. This is the reason you haven’t seen any further action on your return. It is going to take a little while for the IRS to look at it and make sure everything is in order.

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  2. Lynn on Feb 08, 2013 Reply

    Ok so I’ve heard if you order one and it was accepted and it will be sent to you then that means it has been processed and refund will be in your account soon but don’t know when. I don’t think it will make the process faster. As for the 8862 form, they don’t process those until the 19th. They’re working on the simple returns first. Even though you were accepted early it just means all the simple information like your name and ssi matches or correct. Something like that. But it will sit there until they are ready to process people who used 8862 form. I’m assuming you won’t get a refund until beginning of march. Depending how fast they’re new system to process those are. Good luck! Hope I helped.

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  3. R K on Feb 08, 2013 Reply

    a transcript is just a copy of a previous years tax forms you filled out.if you kept a copy of your tax forms you won’t need a transcript.ordering a copy of your tax forms is not going to change anything.
    there is info. that might need to be carried over from your last years tax return,that could change something.

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  4. Smith on Feb 08, 2013 Reply

    Ordering a transcript won’t speed up the process. If you are able to order a transcript that means that they have most likely finished processing your return. Form 8862 won’t be looked at until middle of Feb. I wouldn’t expect a refund until at least the beginning of March. What some people are doing to avoid the wait is filing without form 8862 then amending their taxes later after getting their refund. But…obviously it’s too late now.

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