290 code on 2018 Account Transcripts?

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  • #4349511 Reply
    jay

    I have a question for anyone who might know. I was looking to see if anything came in through my transcripts and I took a look at last years account transcript. Last year I had an offset, code 898, for the remainder (finally paid for!) for student loan debts, the amount they took was listed underneath the code and was what they took.

    I also saw below that code, and listed as being added in July, a code 290, but, where there would be an amount it was $0.00. I’ve never received any letters or anything so I just wasn’t sure what to make of it. Anyone else experience this?

    Thanks!

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  • #4350740 Reply

    jay

    Just an update in case anyone finds this post.

    I gave the IRS a call and they basically told me the 290 code with $0.00 was something the IRS used for various reasons. One being for the reason of an assessment, but if you’re being assed a tax it will show up in the money column.

    I had them comb over to see if I had any tax debts and such. No tax debts, but the collection company for the Dept of Education slipped in at the last minute (like they do!!!) and put an offset on my return for this year to get their fees, so anyone out there that thinks they may had paid all they owed on their student loans via offsets last year, make sure to call the hotline right about now to double check. I wasn’t able to pay off the amount they wanted before they closed for the weekend, but Tuesday morning I’ll be paying that so it doesn’t offset my return, I’ve found if you have an offset it slightly delays, not much, but any is too much if you ask me!

    Now I wait!

    #4349574 Reply

    jay

    @Igor

    So that means my return got held up in 2018 and the 290 was the code to release the refund? That would make sense because it did seem like I had to wait a lot long than normal last year.

    Thanks for all your help!

    #4349567 Reply

    Igor

    290 – is additional tax assessed. I had that to with zeroes listed 2 years ago. It was a release code from a 570
    Hold for me. You are fine.

    #4349558 Reply

    Taxprep22

    Since it’s additional tax assessed and mid year when the code was put there and you don’t have any codes for holds or offsets, I wouldn’t worry too much. Especially if you didn’t receive a letter. If it had a dollar amount I would be concerned.

    #4349544 Reply

    jay

    Phew that was confusing….. But thanks!

    I’ve not received any letters from the IRS telling me I owe anything, and I haven’t moved so my address is the same….. I’ve just never seen that code before on my transcripts, and when I do a google image search, most of the transcripts people show with a 290 will have an amount, mine just had $0.00. So, yeah, I’m just going to go off I didn’t get any letters and nothing else telling me if I were to owe anything. I remember one year they were going to assess me, but I got a letter from them in August and I had that fixed in a week. That’s how they say it’s supposed to go, however, I didn’t ever receive any letters when they offset my return for student loans, I know that for sure, they just took the money, both years they took offset money I never got a notification.

    I’m not going to worry about it, but it’s nice hearing from folks that experienced the same thing.

    #4349535 Reply

    Taxprep22

    Tax code 290 generally means additional tax assessed. Several different scenarios – below is some of the reasons.

    Additional tax as a result of an adjustment to a module which contains a TC 150 transaction. TC 290 with zero amount or TC 29X with a Priority Code 1 will post to a —Lfreeze module. Generates assessment of interest if applicable (TC 196). Releases the following freezes: O—Reactivated Account, —A Duplicate Return, —K Refund Hold, W—470 hold, —R 570 hold, —F Advanced Payment, —X Manual Refund,P—841/720, —G Math Error, —J Math Error/TDA, R— RPS, B— Subsequent Payment, —Q WPT, 680 Hold (See Freeze Code Section for specific conditions). TC 290 with zero amount blocked 96X indicates a taxpayer penalty abatement request was considered and rejected. Reversal is TC 290 blocked 97X. Can be used for Civil Penalty assessments on MFT 30, 55, and 13. IMF: Additionally releases 680 hold and freezes for Invalid SSN or Account Reactivation. Needs reason and source codes. May need priority and/or hold codes.

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