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In this video tutorial, Lissandra Everett discusses the importance of the wage and income transcript in resolving tax issues. This transcript shows third party financial information such as W-2s, 1099s, and 5498 forms. It is crucial to understand this information as discrepancies may result in an IRS notice. Many people are unaware of the type of information reported to the IRS, such as the 1099 NEC and 1099 miscellaneous forms.