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This video tutorial discusses the importance of the wage and income transcript in resolving tax issues. It includes third party financial information such as W-2s, 1099s, 5498s, and 1099Bs. The transcript shows discrepancies between reported income and tax returns. Not matching may result in an IRS notice. Many people are unaware of what information is reported to the IRS, such as the 1099 NEC (formerly 1099 miscellaneous), requiring attention to avoid discrepancies.