Plan Zip Code Transcript For Free

Tax transcript codes 570 and 971 are significant indicators of the IRS's actions regarding your tax return. Code 570 suggests that additional review or action is pending, while Code 971 signifies that a notice has been issued, outlining any adjustments made.

A negative on the transcript means that a refund is due on the return, it does not indicate when a refund is on its way or when it will be received. This doesn't indicate or answer the question whether it will be used to pay off a past due debt.

You will see negative reversal entries on the 841 line and other payments (776) to signify the payment back to the IRS.

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.

If you see a Code 150 on your transcript, that tells you that your return has been processed and that the IRS has determined your final balance, including what you may owe or what they may owe you. That's it.

Common Tax Transcript Transaction Codes TC 150 ? tax return was filed ? which means the return has started processing and posted to your account. TC 290 ? Additional Tax Assessed. TC 428 ? Examination or Appeals Case Transfer. TC 460 ? Extension of Time for Filing. TC 480 ? Offer in Compromise Pending.

The code 767 means a refund was returned but has not been received by the IRS, therefore, they can't reissue a check.

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.

Topic 152 is a generic reference code notifying you that your return may require further review and could take longer than the typical 21 days. No additional steps are required.

Code 150 indicates that your tax return has been processed and added to the IRS's main file. You will receive a refund in the event your tax liability turns out to be less than you anticipated.