Certain Credit Karma members* who filed with Credit Karma Tax can use the Tax Insights tool to help understand more about last year’s tax return. The Tax Insights tool can show personalized information from your tax return to help you better understand your tax situations.
You can also get an insight (on your 2018 taxes) into:
- Your effective tax rate, or the percentage of your total taxable income that went to federal taxes.
- How tax brackets work in relation to your income.
- How much you may be able to reduce your taxable income when applying different deductions.
- Review and learn about your withholding.
The information you see in the Tax Insights tool on your Credit Karma account is based on the information you provided when filing with Credit Karma Tax and it is meant for informational purposes only. It is not tax advice.
You may not be able to use the Tax Insights tool if you did not consent to sharing your tax filing information with Credit Karma when you filed your taxes with Credit Karma Tax. If you did not file your taxes with Credit Karma Tax, you may still be able to use the Tax Insights tool (see below).
How can I get access to the Tax Insights Tool?
To be eligible, you need to have already filed your taxes and consented. We’ll use your tax transcript to help give you insights about your tax return.
If you did not file with Credit Karma Tax, you can get started by answering a simple question and verifying your name, mailing address and SSN. Just keep in mind that your name and address should match the one you used for your 2018 taxes.
What is Form 4506-T and how do I fill it out?
Form 4506-T is a Request for Transcript of Tax Return. In order to help you understand your taxes, Credit Karma needs your permission to request your tax return transcript by e-signing IRS form 4506-T.
Follow these steps to e-sign the Form 4506-T:
- Confirm your name and mailing address. Check that your name and address exactly match the one you used for your 2018 tax return (the one you filed earlier in 2019)
- Enter your Social Security number
- Review and agree to the Terms
- Click Submit
I have e-signed the IRS form, when can I start using the Tax Insights tool?
It usually takes about 3 business days for a response from the IRS after your Form 4506-T is submitted. We’ll send you a notification once we’ve received it and you can start using the Tax Insights tool.
In the meantime, don’t forget to complete your profile with the most up-to-date information.
Why do you need my last year’s tax information?
To give you insights on your 2018 taxes and help you plan, we need info from your 2018 tax return. If you haven’t filed yet, come back once you have to learn more about your tax return.
Why did IRS reject my request? Can I still use the Tax Insights tool?
Your request may have been rejected due to incorrect personal information. This may mean that the information you’ve entered didn’t align with what IRS had in their database.
Mismatched personal information can include the following:
- Misspelled names,
- Recent name changes, and
- Incorrect Social Security number
- Mismatched address (the one you used for your 2018 tax return)
To learn more about possible reasons for rejection, contact the IRS.
If the IRS denies our request for your tax transcript, we won’t be able to show you tax insights.
*We are in the process of rolling this out so you might not see it on your account just yet. Keep checking back at creditkarma.com/tax/hub/insights to see if the Tax Insights tool is available with your account.