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An IRS Code 766 on your tax transcript is good news. Code 766 means that you have a credit on your account, which might be the result of a refund, an overpayment from a previous year, or a credit from the current year's return. In any case, it means that your tax liability has been reduced.

Transaction Codes Code 806 is simply an acknowledgement that your electronically filed tax return was received. Code 766 indicates a credit to your account (generally, a refund ? but it can be a credit toward taxes in a prior year, if you have those) Code 768 indicates an earned income credit amount.

Regardless of your tax liability, credits, etc., Code 150 is used to signify filing of the return by the individual or quick assessment in most cases. However, if Code 150 states that Substitute Return Prepared by the IRS, it will mean you will pay the penalty for not filing a return in the last 12 months or more.

All of us get code 806, It's just showing you the total you paid in taxes for the year out of your paycheck. Make sure that amount matches your paperwork from your employer. You should be seeing an 846 code when your refund is sent, but the withheld amount on the 806 code will not be the refund amount.

A Code 150 means that your return has been processed and added to the IRS master file. Your tax liability has been established, but if the liability is negative, then you will receive a refund. Does code 150 mean I'm not getting a refund? No. Code 150 indicates that your return has been processed.

IRS Code TC 570 means that there is a hold on your account preventing the IRS from finalizing your return. You need to wait for the IRS to send you a request for additional information or release your refund.

Code 768 posts earned income credit. It has been a random practice of the IRS to withhold earned income credit from a refund until a further investigation is made. It may mean that you may get an additional refund amount deposited into your account that was initially withheld by the IRS.