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Lissandra Everett discusses the importance of the wage and income transcript in resolving tax issues. The transcript shows third-party financial information like W-2s, 1099s, 5498s, and 1099Bs. It is crucial to know this information as discrepancies can trigger notices from the IRS. Many people are unaware of the types of information reported to the IRS, such as the 1099 NEC and 1099 miscellaneous.