Transcripts don't mean anything

[Sarah]

So Like I wrote earlier I received my transcript via fax from the agent. It said processing date 2/20 and cycle 20170505.

The processing date is false.

Checked my prior years all got my refunds way before the processing date shown on my transcripts.

2015 it showed March 30th and got it February 5th
2014 it showed March 30th as well got it February 12th

My cycle date should have been DD February 6th but due to PATH I have no idea. None that I verified the processing date on transcript is bogus, I’m still hopeful for Friday. Fingers crossed

[Carrie101]

@sarah, I also agree with you that cycle codes do not apply to refunds for those affected by PATH Act this year. That has already been proven. However, I do think the IRS is stating that cycle codes are a myth in order to stave off a slew of transcript requests and phone calls asking them to interpret cycle codes, etc.. I think we mostly agree on these issues, it’s just there is a clash of information out there and nerves are running high right now. I am definitely not here to debate or appear argumentative. Just wanted to clarify, for what it’s worth.

[Carrie101]

Sorry I am on my phone and cannot edit. Just to clarify, I am saying that the daily / weekly situation applied to when your transcript updated.

[Carrie101]

*your

[Carrie101]

@Renae, for what it is worth, I am in total agreement with your post. Especially the fact that I do not think the weekly/ daily situation will apply to the release date of refunds this year for those with path act. I feel that they will be releasing funds in back-to-back batches regardless of when you’re transcripts updated. I believe that the weekly / daily the situation only applied to the transcripts this year not the refunds that were affected by the path act.

[Sarah]

@Kaylee that is not what I’m saying lol. I know those codes. I see these transcripts on a daily basis for work. I’m a tax preparer. Again I am stating the transcripts this year is pointless. No use in trying to use it to see your DD date.

[Kaylee]

The date you look for deposit date isn’t the processing date. It’s the date next to the 846 code.

[Sarah]

@Shal yeah true they didn’t match up with my DDs either but they were close. But the processing date is wayyyyy off.

[John]

I was actually able to get mine spot on last year. My cycle date had a ddd for a Monday but I received it on Saturday morning because IRS doesn’t work on Sunday and neither does the banks. I do understand what your saying.

I guess it’s just different strokes for different people

[Shal]

For me personally they have never been a reliable source of correct information according to my own personal experience. I would like to research further to see how they match up for others using that breakdown to determine dd date

[Sarah]

Again @Renae the cycle codes don’t mean anything this year because of PATH. I would have got my refund on the 6th at the latest. If you READ what I stated I said the cycle code has truth to it, BUT NOT THIS YEAR BC OF PATH. The processing date is not correct is what I am saying. And that makes transcripts this year POINTLESS!!!!

[Shal]

I’m not saying the codes don’t mean anything. Very obviously they mean something to the effect of the IRS process. I work with a system that uses codes every day. I understand their importance, however my customers do not. So, What I’m saying is you cannot rely on those for a dd date. Not that they are just random numbers that don’t mean anything. I’m just saying that they cannot be used to determine a reliable and accurate dd date.

[John]

That’s BS to. Yes path act has screwed up cycle codes. I already knew that. The IRS says things because they can’t tell you the truth behind the cycle codes. Or why would they put them on there

[Renae]

If transcripts mean nothing they would not exist. If you can retrieve both account and return then your return is complete. It will show all offsets and credits. The is a $amount at the top with an as of date. Now in prior years the processing date which is further out than the dd that you received is there in case your dd fails then a paper check will be issued. Refunds are not complete until you see the 846 code. That 846 appears when funding is sent. But you won’t see it until transcripts update on Thurs night’s. The cycle codes indicate the cycle batch when you entered the master file. Now the IRS states their is no indication of dd on the transcripts because of the flood of requests. Look at all the paper and postage spent because of this.
Systems run on codes. Believe me refunds are being processed according to the cycle code. We’re talking about a lot of returns processing at one time. Earlier today it was stated that the system was running last in first out, so no one expected that! Therefore banks are instructed to hold 1 to 5 days. Path refunds have been processing since Monday. Wmr will update tonight ,tomorrow night and Friday night will be huge. Saturday morning most will received a dd of Wednesday the 22nd and some the 24th. I doubt if anyone will see funds on Friday because the system ran opposite than expected and banks are holding until ach dates. If wmr was updating for 2/17 then funds would have been released today. I don’t see any posts stating they got their refund. Some non credits got dd for 2/15 and received funds on Monday. So if system is running backwards they would almost certainly be holding funds until all have processed. Which makes me wonder about the wmr updating for 4 to 5 weeks of returns held by path. If the IRS is guaranteeing refunds by the 27th then that means everyone will update to dd for next week. Which means dds for everyday of the week, not just Wed and Fri to accommodate all the path returns.
The IRS reports that they have received 7000 less returns this year than last year at this time which means id theft is down. The second part to path is bogus w2s which is why employers had to submit their info prior to path funding in order to match returns. Now IRS are pulling returns for manual review and sending letters, now this could be old news and not for us awaiting refunds.

[John]

Cycle codes are the 21 days from acceptance date

Filed 2/2 and accepted 2/2.
It was a weekend so 2/6 more realistic

At 21 days that’s your processing date

Did you file on 1/30 or 1/31

[Shal]

From IRS

Not according to the IRS. Here’s what they have to say:

“No, a tax transcript will not help you determine when you will get your refund. This is among the common myths and misconceptions that are often repeated in social media. The codes listed on tax transcripts do not provide any early insight into when a refund will be issued. The best way to check on your refund is by visiting Where’s My Refund?

“While transcripts include a lot of detailed information regarding actions taken on your account, the codes do not mean the same thing for everyone and they do not necessarily reflect how any of these actions do or do not impact the amount or timing of your refund. IRS transcripts are best and most often used to validate past income and tax filing status for mortgage, student and small business loan applications and to help with tax preparation.”

[Sarah]

My transcript you can click the links and it will show the pictures

http://i63.tinypic.com/20a9gzt.jpg

http://i63.tinypic.com/20a9gzt.png

[Sarah]

@John you are not understanding I know my cycle date it was February 2nd 2017(20170505). Add 4 days for deposit, that’s February 6th 2017. Yeah don’t think so. The PATH act screwed up the cycles. There isn’t a reason to keep asking for the transcript. it tells you NOTHING! Anyway

[IMG]http://i63.tinypic.com/20a9gzt.jpg[/IMG]

[IMG]http://i66.tinypic.com/o7kooy.png[/IMG]

My transcript is complete besides refund sent. Not sure if those pictures will show up on this forum.

[Shal]

I understand them. I have a breakdown of the cycle codes saved.
Here’s an example
My 2015 return in ’16
Cycle code 20161001+ 4 days = 3/7/16
My actual ddd was 2/24/16
2014 return in ’15
Cycle code 20151202+ 4 days = 3/24/15
Actual ddd was 3/2/15

I understand that these codes have meaning to the IRS process. All I’m saying is to rely on them for a dd date seems very confusing being that I personally have proof that those dates didn’t match up for me. It leads me to wonder how many others they don’t match up for also.

[AME]

It’s NOT that people are “dead set” on them. Mostly EVERYONE knows that the processing date on them will NOT more than likely apply because of the PATH act. I’m affected by the PATH, my transcript says a processing date of 2/13/2017 but I know that this year it won’t mean much to me. I have my transcripts for the past 8 years and I have ALWAYS gotten my DD way before. But it does mean something it you are able to order your transcripts and they are complete.

[John]

Y’all aren’t understanding the cycle codes.

Processing date is different as well

2017 equals year

05 week

05 day

The deposit schedule is simple.
Thursday is 1
Friday 2
Monday 3
Tuesday 4
Wednesday 5

For years this was how you could figure out your ddd

Processing date is typically your 21 day window date.

Friends mom works for IRS

[Sarah]

Yeah I’m a tax preparer and didn’t even know. I wanted to investigate my own returns and transcripts. I did and there is no correlation between processing date and when you get your refund.

The cycle date has some truth to it thought but because of the PATH act the cycle doesn’t even matter.

[Shal]

This is EXACTLY what I’ve been saying. Every time I post it in a thread they just ignore it. I too looked up prior return transcript and my cycle number and dd date do not even come close.
I swear people are dead set on those transcripts. It’s like involved in every conversation about tax returns this year it seems and I just read and smdh.

Thank you for posting this! Finally someone who is seeing what I see!!

[Author]

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