As a tax return is processed, there are transaction codes added to it to indicate changes. Common Tax Transcript Code 150 Tax Return Filed 26% Tax Liability Assessed. Common Tax Transcript Codes Code 150 Tax Return Filed 26% Tax Liability Assessed. It does not include your refundable credits, shown via the 766 the 768 – Earned Income Credit (EITC) codes.
These transaction codes are three digits long. They are simply used to keep an accurate record of changes in the tax return from year to year and to track it through the IRS system. Using your free IRS tax transcript, which shows various processing and error codes and a “cycle code, you can get can get further insight into your tax refund status, processing stages and potential direct deposit date.
What does IRS Code 971 and 570 mean?
You just need to see what the 971 letter says, but I expect you should get your refund before then if no remaining issues. They will send a formal notice (also reflected as TC 971 on your transcript) to the tax filer on the discrepancy and potential refund reduction, and your options on next steps. Code 971 on the ISR transcript indicates that a person is eligible for the unemployment tax refund and notifies the refund amount. Code 971 shows up when the IRS sends you a notice to provide you with details about an issue regarding your tax return.
What does code 570 and 971 with the same date mean on tax transcript?
My transcripts updated, I have those codes but it say 0 dollars by them but also a 846 code for the 17th. If you would like additional information regarding the codes prior to receiving the letter, please contact the IRS directly. If you see Code 971 right after Code 570 on your transcript, that means the IRS sent you a notice regarding their additional review. Once the review is complete, you will see Code 571 or Code 572 on your tax transcript to indicate that the issue has been resolved and the return is now back in processing.
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