What Is Trans-Fee Mining, And Why You Should Care

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Tax Transcripts: What They Are and Why You Should Care

Do you remember where you filed your tax return? What about your tax return from 3 years ago? The IRS recommends that you keep at least 3 years of tax returns on hand. But what if you can’t find your tax return in your black hole filing cabinet? Tax Transcripts are the answer.

Plus, maybe you’re an early filer and are wondering what’s going on with your tax refund? Maybe you’ve followed our chart about when to expect your tax refund, and it’s not there yet? And you’ve called the IRS but the wait time is outrageous? Well, some people also like to use their tax transcript to find out why their tax refund is delayed.

Below we explain what they are, why you might need them, and how to get them.

Tax Transcripts To The Rescue!

Tax transcripts contain all the major information you need from a tax return. They would include adjusted gross income, filing, status, wages and other income, even a record of non-filing. The IRS keeps tax transcripts for each person for each of the last three years (plus the current year).

Transcripts don’t look exactly like the forms you filed for your taxes. Instead, they just contain direct information.

There are five types of transcripts you can request from the IRS:

  • Tax Return Transcript: Shows most line items from your original tax return, but it doesn’t show changes after you filed your original return.
  • Tax Account Transcript: Shows personal filing information plus AGI, taxable income and payment types.
  • Record of Account Transcript: Combines Account and Return transcripts.
  • Wages and Income Transcript- Shows income side information only.
  • Verification of Non-filing letter- Proves that you didn’t file in a given year.

Most of the time, you will need the Tax Return Transcript.

When Do I Need A Tax Transcript?

If you meticulously keep all your tax return documents, you may not never need to pull a tax transcript. However, tax transcripts come in handy often.

Your college may require a copy of your or your parents tax returns when you apply for student aid. Mortgage companies usually want at least one year of tax returns (often 2 or more) when you apply for a mortgage. You can use a tax transcript when you apply for Federal Health Care Programs (like Medicaid or CHIP) or for Housing Assistance.

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If you don’t keep a digital copy of your returns, you might have an easier time accessing the returns from the IRS than scanning your own returns.

The IRS says they keep at least three years of records. I found all my transcripts that I’ve filed since I became legally independent from my parents.

How To Get A Tax Transcript

Since tax transcripts contain sensitive information, the IRS requires quite a bit of personal information to access your tax transcript.

To request a tax transcript, go to the IRS Transcript Website. Select whether you want to download your transcript, or if you want a copy of your transcript by mail.

An online transcript is quicker to access, but it requires more information. You must provide:

  • Full Name
  • Filing Status (for your most recent tax filing)
  • Mailing Address (for your most recent tax filing)
  • Email Address
  • Account number from a credit card, HELOC, mortgage, auto loan or car loan
  • Mobile phone number where you are the primary account holder

Many young people don’t have everything they need to get a transcript online. If you don’t, you can select “Get Transcript by Mail.” This requires:

  • Full name
  • Social Security Number (Or ITIN)
  • Date of Birth
  • Mailing Address from latest Tax Return

If you choose to get your transcripts online, you’ll get an email with a verification code and a text with a verification code. They will also double check the account number you provide. Then, you can get your transcript.

You also have to provide a reason that you’re pulling your transcript. I think this is just for IRS record keeping. They don’t explain it anywhere on the site.

Finally, you can choose the type of transcript you want, and the year. Then a PDF will download to your computer. Be sure you have your Pop-Up blocker off when you download the PDF.

The online process is quick and easy. I got my transcripts in about ten minutes.

Whether you’re completing the FAFSA or applying for a mortgage, Tax Transcripts can make your life easier. Be sure to keep it in mind the next time you need to verify your income.

Filed Under: Taxes
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Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors’. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone’s responsibility to ensure all posts and/or questions are answered.

About Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Comments

My taxes was accepted on 2/7/20 and had the one bar and showed it was being processed tax topic 152 then today 2/25 my bars are gone and it says “ur return is still being processed. A refund date will be provided when available” and has tax topic 152 still should I be concerned or do I need to contact the irs?

Robert Farrington says

Definitely wouldn’t be concerned.

Lawanda Anthony says

Hey Robert I filed my return Feb 3. I was told my return will be processed March 9. I’m still on 1 bar with the code 152. I was told they needed job verification. What I am asking is how long will it take for me to find out my DDD

Robert Farrington says

21 days from when it starts processing on average.

I filed my return on 2/21 it was accepted on 2/22 got a refund approved bar on 2/26 but no date It also has a message that say it may be partially or completely reduce to pay a past obligation I received the same message last year and they took half my taxes to pay off a student loan does it mean they are taking my taxes again ? Because I paid them off last year

Robert Farrington says

It could be – are you certain the loans were paid off and you didn’t miss anything?

Filed on 2/3 with ACTC and WMR only updated with 1 bar and generic TT’s. Lost all bars and says “still being processed.” Pulled transcripts and we have TC 570 but WMR still says the same thing. Called the IRS phone support and was told to wait for a letter and call back in 60 days… should we be worried? Is there a better number to call for info on the 570 code?? Help!

BitMax.io Innovates with Trans-fee and Reverse Mining

The digital currency trading field has its ups and downs rapidly over the last few years; large amounts of money have flooded in and out resulting in all kinds of overnight success stories and reversals. Only organizations that evolve quickly and possess strong technology and capital backing can come out on top.

This article analyzes a relative newcomer to the cryptocurrency trading space: the BitMax.io exchange. Can it can rely on the unique expertise of its founders and core management team, and quant trading experience accumulated over years, to dominate the industry?

1. The exchange war

Although each cryptocurrency has tendency to decentralize, participants still need a centralized place that provides intermediary services. Digital currency exchanges have emerged and expanded rapidly in response to the expansion of digital currencies around the world.

Many contenders have briefly laid claim to being the top exchange. Mt. Gox was the first to hold the title as the world’s first digital currency exchange, followed by BTCChina, the first to conquer the Chinese market. Huobi then seized the top spot by launching a zero-fee policy. OKCoin also fought its way through futures in the bear market in 2020. Cryptopia and Poloniex took the lead with the competitive offering of wide-range currencies, while Binance built its strong brand and leading market position in 2020 with the wave of ICOs and effective operations. In the middle of 2020, FCoin rushed to the top of league table with the transaction fee (trans-fee) mining model, but just as quickly crushed down like falling meteor.

All of these platforms lost preeminence for various reasons: ineffective exchange model, decreased user interest due to fragmentation of currencies, flawed token designs, or insufficient capital.

Predictably, every time with increasing market volatility or a bear market, a new contender emerges. This time, it is BitMax.io with its roots in Wall Street and strong capital financial backing. Now, exactly what kind of innovative exchange strategies has it developed?

2. Trans-fee and reverse mining

BitMax.io has recently announced the launch of its trans-fee mining model, the same strategy that led to the rise and fall of FCoin. At first glance this may not seem very innovative as it is not a new idea and has been mostly abandoned by the cryptocurrency market due to various design issues.

But trans-fee mining if done right is a real innovation and truly beneficial to users, especially retail investors. Trans-fee mining incentivizes trading and enables users to benefit from more trading activities.

Most of exchanges had this common issue: once they got big, they beame arrogant and forgot that they are community-based, supported by countless retail investors. They adjusted fees at will or launch new currencies randomly, and users had to live through the negative consequences.

Trans-fee mining has fundamentally changed the playing field. This model returns incurred transaction fees to the users, bringing more liquidity to the exchange and driving up user volume. While FCoin was innovative in introducing the trans-fee mining model, it suffered from the lack of a suitable stabilization mechanism. BitMax.io took thorough care in its design to make sure the same problem doesn’t happen again.

Not only has BitMax.io adopted trans-fee mining but they are also launching another separate mining model, truly innovative and one-of-a-kind: reverse mining. Users who participate in BitMax.io trans-fee mining will receive a 100% return on the fees they pay in the form of the platform token, BTMX. Reverse mining is the same operation in reverse, geared solely towards maker trades. Under Reverse Mining, users will be rewarded by the platform after placing a Maker order (user fee is -0.04%), and the same equivalent value of BTMX in the user’s account will be deducted according to BTMX’s real-time price. The BTMX deducted will be locked uo permanently and not involved in any form of rebate on the platform, hence removed from the market supply of circulation.

Using both trans-fee and reverse mining will greatly enhance the liquidity of BTMX while managing effectively overall supply and demand of BTMX and supporting the trading of various currency pairs on the platform. At the same time, reverse mining discourages large sell orders. Those who want to quit can only do so based on their contributions to the exchange, thus creating a healthy exchange ecology.

BitMax just launched Trans-fee mining, here’s why it matters.

It’s true! Current exchanges offer incomplete trading models, for instance, traditional exchanges fail where security and transparency is concerned, centralized exchanges fail where security is concerned and most decentralized exchanges fail where liquidity is concerned.

It was tough finding the complete solution, a trading partner that’s not only secure enough to keep all your assets safe, but one that’s also transparent and has a high liquidity. That was until BitMax came along. BitMax won’t let you trade with fiat currency, but through innovation, user focus and decentralized technology, the benefits you get from trading on the platform will more than make up for this.

AI and AI algorithms help BitMax build a community based autonomous economy, real-time settlements and high levels of liquidity are perfect for user retention while multi-level firewalls, multi-signature requirements and hot an cold wallet solution keep the user’s digital assets secure and away from harm.

And while all these features and strengths are impressive, the company’s launch of an innovative mining solution and the subsequent first public release of mining activities on the platform on November 1st is what i’m really excited about.

BitMax’s philosophy has always been about letting users participate with each other, whether it’s through project voting or on participating to build the ecosystem. Building a platform that’s not just participative, but also collaborative has always been on top of BitMax’s agenda and the introduction of the — Trans-fee mining — model reinforces this tenfold.

The trans-fee model is a unique incentivization model that gives traders back their transaction fees in the form of BTMX regardless of how volatile the market is, this model is not only meant to encourage user engagement but also increase overall liquidity within the platform.

A total of 10 billion BTMX tokens will be set aside for transaction mining and users can take part in different types of mining inside the platform. For instance MIning which involves the process of paying a transaction fee and receiving a certain amount of BTMX as a reward, reverse-mining which is focused on maker trades and involves a incentivisation model where BitMax pays the user a transaction fee in exchange for the BTMX tokens that user holds in their account and regular trading — this one’s self explanatory.

Now you might be thinking — charging transaction fees on trades is the biggest way exchanges make their money, if BitMax is giving away over 80% of it then how will they remain sustainable in the long run? It’s simple if you think about Amazon.com, one of the biggest companies in the world, who they make close to zero profits because they’re focused on the long term and most importantly focused on their users.

BitMax is just as focused on the users which is why it is comfortable sacrificing it’s profit just to keep it’s users satisfied. BitMax will however earn revenue by charging a minimal fee from virtual currency withdrawals and charging a listing fee for coins that want to get registered on the platform.

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