Taxes can be confusing, but they don’t have to be. With a slew of numbers, acronyms and deadlines, it can be challenging to figure out how to interpret your returns.
Let’s start with transaction codes, the three-digit codes that signify an Internal Revenue Service action related to your taxes, such as a credit or debit. The codes help create a history of your account. An “R” following a transaction code shows that the transaction has been reversed.
Here are the most common to know this tax season:
Transaction code 826 means that part of your tax refund was used to pay an existing tax debt.
Transaction code 846 signals a refund, plus any interest, has been approved by the IRS.
Transaction code 570 means there is a hold on your account that's preventing the IRS from finalizing your refund. You should wait for the IRS to ask you for additional information.
Code 971 means the IRS has asked you for additional information on an issue, and it's typically related to Code 570.
You can view all of the IRS codes on their website, but here are some typically seen on tax returns:
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