Am I Daily or Weekly? (Long Version)

You can only guess this based on how you updated in prior years or by looking at your cycle code.  Here is some information to help understand how you can guess.

-New cycle codes are generated each year, based on several different factors.

-Cycle codes are related to the day transactions post to the IMF.

-Posting to the IMF does NOT mean updating on the Transcript or WMR.

-Whether you were daily or weekly last year will not, with certainty, mean you are daily or weekly this year. However, it can be a clue.

-Cycle codes ending in 01, 02, 03, 04 are absolutely daily accounts.

-Transactions on accounts ending in 01, 02, 03, 04 can post to the IMF on Monday, Tuesday, Wednesday, Thursday or Friday.

-Cycle code ending in 05 can be either daily OR weekly.

-Transactions on weekly accounts ending in 05 can post to the IMF ONLY on Thursday.

-Transactions on daily accounts ending in 05 can post to the IMF on Monday, Tuesday, Wednesday, Thursday or Friday.

-On a transcript, some transactions you can see, some you can’t. The IRS doesn’t show their whole hand.

-When transactions occur and post to your account on the IMF, MOST times you can see the transaction on your transcript the following day (transaction codes, like 570, 846, etc) and the WMR may update the next day (status updates, reference codes, deposit dates.)

-If your cycle code ends in 05, there is just about no way to know with certainty that you are either daily or weekly, unless you filed with an IP Pin (weeklies for sure) or someone from the IRS tells you. Good luck with that, you’d probably be told the wrong thing anyway by a rep. Hell, you might even get the wrong info from a Tax Advocate.

-If your cycle code ends in 05 you can only use clues to guess if you are daily or weekly.

-Dailies with an 05 and weeklies with an 05 just so happen to be posting together. They “share the day”, if you will.

-An easy way to remember the cycle of how things post and update is this:

Transaction Posts to the IMF on a day, the following day depending on the type of transaction…transcript might update, the following day…depending on the type of transaction that occurred, the WMR might update.

-If you updated on Saturday the 16th, it is likely you are a daily who shares the day with weeklies who didn’t update. This is disputed by many, but is the only thing that makes sense.