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In this video tutorial from ETS tax relief, 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, and more that are reported to the IRS. It is crucial to be aware of this information because discrepancies between your tax return and the transcript can result in IRS notices. Many people are unaware of the specific types of information reported, such as the 1099 NEC. Understanding the wage and income transcript can prevent potential tax complications.