trans not engaging/slipping

I have a 2009 4.7 v8 single cab and the transmission is giving me issues. If letting off the brake and quickly onto the gas, the rpms rev and then the transmissions grabs and the tires chirp. Would a drain and fill be advisable as an option or am I dealing with a bigger issue?

 

Yes... do that first, but Use the Amsoil transmission fluis with anti slip additive.

 

I would do an entire flush, there's threads and videos on it. Disconnect the hoses off the trans cooler and put one in fresh fluid and put the outlet hose into a bucket. I had the same thing happened, and all new fluid didn't make any difference and ended up needing a whole new trans (but mine was pretty fucked and had been brutally overheated). You might get lucky and just need a torque converter, assuming new fluid doesn't fix it. I had a 4Runner where the converted went out and new fluid kept it limping for a few more months.