Help understanding transcript.

[Jennifer Starr]

This is the first year I have accessed my transcripts, I don’t know what any of this means.

cycle-20190505
date-02/18/2019
codes-150, 806, 766, 768
as of-02/18/2019

Thanks in advance

[Sarah]

No problem. I wish it wasn’t so late because I use them more than what my clients give me. Because it shows everything from W2, 1099, 1098T, 1098, to even 1099C. More people would have less issues if they updated them sooner and people used them to do their taxes because we all know not all forms are given to the person.

[Jibbbjawww]

@sarah21
Thank you!

[Sarah]

@Jibbbjawww W&I aren’t available until mid to the end March. I order them to prepare my clients returns all the time.

[Jibbbjawww]

Is anyone else’s wage and income transcript still blank? I can see all my other ones, no 846 code, but that one is blank. Still says no return filed. Any ideas?

[Jennifer Starr]

I know I have an offset, I had one last year but the feds didn’t allow it, the same one is attempting to go through this year. I’m hoping they won’t allow it again. What does the “As of” date mean?

[jessica143]

Codes:
Code 150 tax return filed

Code 766 Reversal of refund applied to non-IRS debt Generated Refundable Credit Allowance or IRS TOP Offset Reversal w/OTN

Code 766 Tax rebate Generated Refundable Credit Allowance or IRS TOP Offset Reversal w/OTN

Code 766 Tax relief credit Generated Refundable Credit Allowance or IRS TOP Offset Reversal w/OTN

Code 766 credit allowance posted in error. Results from the appropriate line item adjustment of an Examination or DP Tax Adjustment with item reference 334 (199312-199411 only) for an installment of 1993 additional taxes.

(Looks like 766 could mean a few things)

Code 768 Earned income credit Earned Income Credit Posts Earned Income Credit which is generated from information received from Code and Edit.

Code 806
W-2 or 1099 withholding
Credit for Withheld Taxes & Excess FICA Credits the tax module for the amount of withholding taxes and excess FICA claimed on a Form 1040 or 1041 (198712 & later) return. May also be generated by appropriate line adjustment on an Examination or DP Tax Adjustment.

Here’s a link for more code info:
https://www.auditdetective.com/Transaction_Code_Definitions.html

Processing:
2019 is the processing year
05 is the processing week
05 is the processing day which is Thursday

Here’s a link for more details:
http://refundtalk.com/2017-tax-transcript-cycle-code-chart/

[Author]

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