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In this video, Lissandra Everett discusses the importance of the wage and income transcript in resolving tax issues. The transcript contains all third-party financial information such as W-2s, 1099s, 5498s, and 1099 Bs. It is crucial to be aware of this information as discrepancies may lead to notices from the IRS. Many people are unaware of the type of information reported to the IRS, such as the 1099 NEC and 1099 miscellaneous. Understanding this can help avoid potential tax issues.
