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Is My $7,004 Refund Correct? $24K Self-employed Income with Head of Household and EIC

I just filed my 2024 return as self-employed and got my transcript today from the IRS. My refund shows -$7,004.00 and I want to make sure I'm reading this correctly. I filed as Head of Household with earned income credit. My adjusted gross income was $24,645.00 with taxable income of $2,196.00. My self-employment taxable income was $24,490.00, with a total self-employment tax of $3,747.00. Here's what my account transcript from the Internal Revenue Service shows: Request Date: 02-11-2025 Response Date: 02-11-2025 FORM NUMBER: 1040 TAX PERIOD: Dec. 31, 2024 ACCOUNT BALANCE: -7,004.00 ACCRUED INTEREST: 0.00 AS OF: Feb. 24, 2025 ACCRUED PENALTY: 0.00 AS OF: Feb. 24, 2025 ACCOUNT BALANCE PLUS ACCRUALS (this is not a payoff amount): -7,004.00 INFORMATION FROM THE RETURN OR AS ADJUSTED: EXEMPTIONS: 04 FILING STATUS: Head of Household ADJUSTED GROSS INCOME: 24,645.00 TAXABLE INCOME: 2,196.00 TAX PER RETURN: 3,747.00 SE TAXABLE INCOME TAXPAYER: 24,490.00 SE TAXABLE INCOME SPOUSE: 0.00 TOTAL SELF EMPLOYMENT TAX: 3,747.00 RETURN DUE DATE OR RETURN RECEIVED DATE (WHICHEVER IS LATER): Apr. 15, 2025 PROCESSING DATE: Feb. 17, 2025 TRANSACTIONS: CODE | EXPLANATION OF TRANSACTION | CYCLE | DATE | AMOUNT 150 | Tax return filed | 20250505 | 02-17-2025 | $3,747.00 766 | Credit to your account | | 04-15-2025 | -$3,322.00 768 | Earned income credit | | 04-15-2025 | -$7,429.00 Looking at the transcript, I see there's a credit to my account for -$3,322.00 and an earned income credit of -$7,429.00. The account balance shows -$7,004.00 with zero accrued interest and penalties as of Feb. 24, 2025. Just want to make sure everything is processing right before I get too excited. The return was processed on Feb. 17, 2025, and the transcript shows my filing status as Head of Household with 4 exemptions. Is this all looking correct? Do the numbers add up? The tax per return shows $3,747.00 but then I have credits totaling -$10,751.00 (-$3,322.00 and -$7,429.00), which would give me the refund of -$7,004.00. I'm just trying to understand if this means I'll be getting a refund of $7,004.00 or if I'm misinterpreting something on this transcript. The document says "ANY MINUS SIGN SHOWN BELOW SIGNIFIES A CREDIT AMOUNT" which seems to confirm this is a refund coming my way.

Molly Hansen

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Anybody else notice the IRS is actually processing stuff faster this year? My return only took like 2 weeks

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Brady Clean

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ur lucky 🤔 mines been processing since january smh

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Skylar Neal

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they got that new AI system or somethin, its been way better than last year ngl

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Remember to keep ALL ur receipts for next year. The IRS loves to come after us self employed folks šŸ™„

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GalaxyGlider

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pro tip: stop checking wmr every 2 seconds it updates once a day šŸ˜‚

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easier said than done lololol

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Called IRS today waste of time tbh. Rep just said wait for PATH to lift šŸ™„

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they never know anything useful fr

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IRS Codes 570 and 971 on Joint Return: $4,040 Refund Delayed Since March 2023

I got my transcript today for my married filing joint return and see a 570 code with a 971 notice issued on March 28, 2023. My transcript shows a refund amount of -$5,040.00 (as of March 28, 2023). I'm trying to figure out what's going on with my refund. Here's what my transcript shows: ACCOUNT BALANCE: -5,040.00 ACCRUED INTEREST: 0.00 AS OF: Mar. 28, 2023 ACCRUED PENALTY: 0.00 AS OF: Mar. 28, 2023 ACCOUNT BALANCE PLUS ACCRUALS (this is not a payoff amount): -5,040.00 INFORMATION FROM THE RETURN OR AS ADJUSTED: EXEMPTIONS: 04 FILING STATUS: Married Filing Joint ADJUSTED GROSS INCOME: 53,523.00 TAXABLE INCOME: 27,623.00 TAX PER RETURN: 1,317.00 SE TAXABLE INCOME TAXPAYER: 0.00 SE TAXABLE INCOME SPOUSE: 0.00 TOTAL SELF EMPLOYMENT TAX: 0.00 RETURN DUE DATE OR RETURN RECEIVED DATE (WHICHEVER IS LATER) Apr. 15, 2023 PROCESSING DATE Mar. 20, 2023 TRANSACTIONS: CODE EXPLANATION OF TRANSACTION | CYCLE | DATE | AMOUNT 150 Tax return filed | 20230905 | 03-20-2023 | $1,317.00 75221-442-23373-3 806 W-2 or 1099 withholding | | 04-16-2023 | -$5,935.00 768 Earned income credit | | 04-16-2023 | -$522.00 570 Additional account action pending | | 03-20-2023 | $0.00 971 Notice issued | | 03-28-2023 | $0.00 This Product Contains Sensitive Taxpayer Data Can someone help me understand what these codes mean, particularly the 570 (Additional account action pending) and 971 (Notice issued), and when I might expect to receive my $5,040.00 refund? I'm worried because the 570 code seems to indicate something is holding up my refund. Is this a normal part of processing, or should I be concerned? Does the 971 code mean they're sending me a letter explaining the issue? I'm not sure if I need to take any action or just wait. We filed jointly and have 4 exemptions, and the return was processed on March 20, 2023. The transcript doesn't show any penalties or interest, which I assume is good news. Has anyone dealt with these codes before and knows how long the delay might be?

PixelPioneer

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Check your mail carefully! I had the same codes and missed my notice at first becuz it looked like junk mail lol

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omg ty for this! ill keep an eye out šŸ‘€

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570 is basically IRS speak for 'we're gonna need a minute' 🤔

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Paolo Rizzo

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more like we're gonna need 3-4 months smh

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fr fr the IRS moving slower than my grandma's internet šŸ’€

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LunarEclipse

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everyone keeps saying check at midnight but ive had updates happen at random times during the day tbh

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Yara Khalil

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Refreshing my transcript like its a stock portfolio rn šŸ‘€

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Keisha Brown

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mood 🤣

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Carmen Ruiz

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I remember my first PATH act delay... sweet summer child šŸ‘€

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According to my tax preparer, the earliest possible date for any EITC/ACTC refund to hit accounts would be Feb 27th. Even if you see an 846 code next week, the money cant be released before then. Its just how the system works unfortunately

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Sean Kelly

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thanks for the info! guess ill stop obsessively checking for a few days lol

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