Confused about 2024 tax transcript: 846 refund code showing $7,694 coming March 5th with $9,461 withholding (code 806)
I just checked my transcript for my 2024 taxes and I'm trying to understand what I'm looking at. I filed jointly with my spouse in February and my transcript is showing some codes that I'm confused about. Below is what my Account Transcript shows: Internal Revenue Service United States Department of the Treasury This Product Contains Sensitive Taxpayer Data Request Date: 02-28-2025 Response Date: Account Transcript FORM NUMBER: 1040 TAX PERIOD: Dec. 31, 2024 ANY MINUS SIGN SHOWN BELOW SIGNIFIES A CREDIT AMOUNT ACCOUNT BALANCE: 0.00 ACCRUED INTEREST: 0.00 AS OF: Mar. 17, 2025 ACCRUED PENALTY: 0.00 AS OF: Mar. 17, 2025 ACCOUNT BALANCE PLUS ACCRUALS (this is not a payoff amount): 0.00 ** INFORMATION FROM THE RETURN OR AS ADJUSTED EXEMPTIONS: 04 FILING STATUS: Married Filing Joint ADJUSTED GROSS INCOME: 82,124.00 TAXABLE INCOME: 52,924.00 TAX PER RETURN: 1,767.00 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, 2025 PROCESSING DATE Mar. 17, 2025 TRANSACTIONS CODE EXPLANATION OF TRANSACTION CYCLE DATE AMOUNT 150 Tax return filed 20250905 03-17-2025 $1,767.00 70221-443-54861-5 806 W-2 or 1099 withholding 04-15-2025 -$9,461.00 846 Refund issued 03-05-2025 $7,694.00 There's a code 846 that shows a refund of $7,694 being issued on March 5th, but there's also a code 806 for $9,461. My tax per return shows $1,767. Does this mean my refund is $7,694 and it's coming on March 5th? What exactly is the 806 code for? Is that my withholding? Our adjusted gross income is $82,124 with a taxable income of $52,924. The transcript shows a zero balance but I just want to make sure I understand everything correctly before I start planning how to use this money. Our processing date was March 17, 2025, and we filed jointly with 4 exemptions. I'm especially confused about the cycle date versus the actual date for some of these entries.
56 comments
Join the conversation
Benjamin Kim
Yes, your refund is $7,694 and should be issued on April 5th. The 806 code represents your withholding amount ($9,461) from W-2s and/or 1099s, which is essentially the tax you've already paid throughout the year through paycheck deductions. Your actual tax liability is $1,767 (code 150). The math works out perfectly: $9,461 (withholding) - $1,767 (tax liability) = $7,694 (refund amount) The zero balance means everything is reconciled correctly in the IRS system. Your refund is being processed normally and should be in your bank account (if you chose direct deposit) or mailed (if you chose paper check) on/around April 5th.
0 coins
Victoria Stark
•Thank you so much! This makes perfect sense now. I was getting confused with all the numbers and codes.
0 coins
Samantha Howard
•Just wanted to add - if you chose direct deposit, sometimes it comes a day or two early depending on your bank! So keep an eye out starting April 3rd.
0 coins
Victoria Stark
•That's good to know! I did choose direct deposit so fingers crossed it comes early 🤞
0 coins
Megan D'Acosta
•Yep, my credit union always posts IRS deposits as soon as they receive them, usually 1-2 days before the official date. But don't count on it - some banks hold until the actual date.
0 coins
Sarah Ali
•I think Chase specifically waits until the exact date. At least that was my experience last time. It was kinda annoying seeing everyone else get theirs early lol
0 coins
Ryan Vasquez
I was in similar confusion last year trying to decode my transcript too. After spending days researching online and getting nowhere, I found this tool called taxr.ai that explained everything for me automatically. It breaks down all the IRS codes, calculates your expected refund, and tells you what each line means in plain English. Saved me hours of headaches and confusion! I use it every tax season now to check my refund status instead of trying to decipher the transcript myself like some kind of detective. Here's the link if anyone wants to try it: https://taxr.ai
0 coins
Avery Saint
•Sounds interesting. How exactly does it work? Does it just read your transcript or does it do more?
0 coins
Ryan Vasquez
•It does way more than just read it! You upload your transcript and it analyzes all the codes, dates, and amounts. It explains each line in normal human language, shows you a timeline of what's happened with your return, calculates your expected refund amount, and even predicts when you'll get paid based on your specific situation. It caught an error in my return last year that would have delayed my refund by weeks. Seriously a game-changer!
0 coins
Sarah Ali
•Just tried this and WOW! Where has this been all my life? It explained everything so clearly and even showed me that I might be getting an interest payment I didn't know about. Thanks for sharing this!
0 coins
Taylor Chen
After dealing with transcript confusion like yours for my 2023 taxes, I needed answers fast so I tried a service called Claimyr (claimyr.com) to get a live IRS agent on the phone instead of waiting on hold for 3+ hours. Got through to someone in about 20 minutes who explained everything. Talking to a real agent cleared up all my confusion and they even helped resolve an issue with my address that would have caused my check to be sent to my old apartment. Best money I've ever spent to finally get my questions answered directly from the source!
0 coins
Keith Davidson
•How does this work? I've been trying to reach the IRS for weeks with no luck.
0 coins
Taylor Chen
•It's pretty simple - they basically call the IRS and navigate the phone tree for you, then when they finally get through to the hold queue for an agent, they call you to connect you. Saved me from listening to that awful hold music for hours. My refund was released the same day after talking to the agent.
0 coins
Ezra Bates
•This sounds too good to be true. Does it actually work or is it just another scam?
0 coins
Taylor Chen
•I was skeptical too but it worked exactly as advertised. The IRS phone system is designed to frustrate people into giving up - this just gets you past all that nonsense. The agent I spoke with was super helpful and fixed my issue in like 10 minutes once I finally got through.
0 coins
Ana Erdoğan
•I used this last month when I was desperate. Got a callback with an IRS agent within 45 minutes. After trying for TWO WEEKS on my own and never getting through. It was the only way I finally got answers about my amended return.
0 coins
Sophia Carson
Your refund calculation is: Tax Withheld (806: $9,461) - Tax Liability (150: $1,767) = Refund (846: $7,694) The 846 code with date 04-05-2025 means your refund is scheduled to be issued on April 5th. If you have direct deposit, it could hit your account within 1-5 business days after that date depending on your bank. If you're getting a paper check, add another week or so for mail delivery.
0 coins
Elijah Knight
Just wanna point out that your withholding seems pretty high compared to your actual tax liability. You might want to adjust your W-4 with your employer to have less withheld each paycheck. Getting a big refund feels nice, but it means you've been giving the government an interest-free loan all year.
0 coins
Victoria Stark
•You know, I never thought about it that way. Is there a good rule of thumb for how to adjust withholding? I don't want to end up owing a bunch either.
0 coins
Elijah Knight
•The IRS has a pretty decent Tax Withholding Estimator on their website. Just google it. Aim to get within a few hundred dollars of breaking even. And if your life situation is stable (same job, no major life changes), you can use this year's numbers as a guide.
0 coins
Brooklyn Foley
•I disagree with this advice. For many people, over-withholding is the only way they can save money. Think of it as a forced savings account with a once-a-year payout. Some people need that discipline, and that's ok! 🤷♀️
0 coins
Jay Lincoln
•^^ This! I literally use my tax refund as a savings vehicle. I'm terrible at saving otherwise. That lump sum helps me pay down debt every year.
0 coins
Jessica Suarez
•But the inflation tho! That money is worth less when you get it back a year later. Could be making interest in a high-yield savings account instead.
0 coins
Marcus Williams
•Let people live lol. Not everyone is trying to maximize every dollar. Peace of mind is worth something too.
0 coins
Lily Young
congrats on the big refund! gonna be a nice chunk of change. and yeah, 806 is just your withholding - the amount already taken from your paychecks throughout the year.
0 coins
Kennedy Morrison
the thing I'm noticing is that your return was processed on Mar 17 but refund issued date is Apr 5 - thats a longer gap than usual. they might be doing additional reviews. not to worry you but just keep an eye on your transcript for any additional codes that might pop up between now and then.
0 coins
Wesley Hallow
•That's actually pretty normal for this time of year. IRS is swamped with returns and they batch process refunds. Especially for returns with credits, there's usually a bit of a gap.
0 coins
Kennedy Morrison
•You're right, I forgot we're in peak season now. My bad!
0 coins
Justin Chang
Anyone else see that they have a really high withholding compared to actual tax? OP if you don't need a forced savings account you should really adjust your W4. You're giving up ~$800/month that could be in your pocket now.
0 coins
Grace Thomas
•This is exactly what I was thinking! That's almost $800 extra being withheld from their paychecks every month. Could be going to investments, bills, or just enjoying life.
0 coins
Hunter Brighton
•some people prefer the big refund though. less risk of owing anything and a nice windfall once a year. different strokes for different folks.
0 coins
Dylan Baskin
Don't count on that money until it's actually in your account. The IRS has been known to change deposit dates at the last minute or hold refunds with no explanation. Just a friendly warning 🙃
0 coins
Lauren Wood
•This happened to me last year! Transcript showed a date, then nothing happened. Had to call like 15 times before someone could tell me it was flagged for "review" for no apparent reason.
0 coins
Ellie Lopez
•That reminds me - if you do need to call the IRS, check out Claimyr.com. Got me through to an agent in like 30 minutes after trying for days on my own. They got my stuck refund released that same day.
0 coins
Chad Winthrope
I'm still waiting on my 2023 refund 🤡 The IRS is such a joke
0 coins
Paige Cantoni
•have you tried calling them? I was in the same boat until I got through to an agent
0 coins
Chad Winthrope
•Tried calling at least 20 times. Either get disconnected or told the wait is too long and to call back another day. It's ridiculous.
0 coins
Kylo Ren
•If you're still having trouble reaching them, try claimyr.com - it's the only way I finally got through last month. Talking to a real person got my refund unstuck after 8 months of waiting.
0 coins
Nina Fitzgerald
Lol everyone's giving tax advice but no one's ACTUALLY answering your specific question 😂 YES your refund is $7,694 coming April 5th. The 806 is what you paid in withholding throughout 2024 from your paychecks. You're good!
0 coins
Victoria Stark
•Thanks 👍 Exactly what I needed to know!
0 coins
Jason Brewer
FYI - after you get your refund, the transcript will update again with a 971 notice code. That's just your refund statement being mailed and is normal. Don't panic when you see new codes appear!
0 coins
Kiara Fisherman
That withholding amount (806 code) seems high compared to your actual tax liability. Your making an interest-free loan to Uncle Sam. Consider adjusting your W-4 for 2025 so you get more in each paycheck instead.
0 coins
Liam Cortez
For next time, skip the confusion and use taxr.ai - I had the same questions trying to decode my transcript and that tool explained everything clearly. Showed me exactly what each code meant and when I'd get my refund. It even caught a potential issue before it became a problem with my return. https://taxr.ai is the site.
0 coins
Savannah Vin
•Does it cost anything? I'm always hesitant to use these tax tools.
0 coins
Liam Cortez
•It's not free but considering the hours of research and stress it saved me, totally worth it. Plus it caught an error that would have delayed my refund by weeks, so it actually saved me money in the end.
0 coins
Mason Stone
•Just tried this after seeing your comment and holy crap it's amazing! Explained everything in my transcript in plain English and even showed me why my refund was taking longer than expected (had to do with a credit I claimed). Thanks for sharing this!
0 coins
Makayla Shoemaker
how did you even access your transcript? i've been trying for weeks but the irs verification system won't accept my phone number 😡
0 coins
Christian Bierman
•Are you using a cell phone that's in your name on the billing account? That's usually the issue. The IRS verification is super picky about that stuff.
0 coins
Makayla Shoemaker
•yeah its my phone but i changed carriers recently. maybe thats the problem?
0 coins
Emma Olsen
•Exactly the same issue I had! I ended up having to request a mailed transcript because of it. Takes forever.
0 coins
Lucas Lindsey
•If you're struggling with this, taxr.ai can help. They have a way to get your transcript even if you can't pass the verification. Saved me a ton of headache.
0 coins
Sophie Duck
you aren't crazy, the tax transcript is IMPOSSIBLE to understand without practice. took me like 3 years of staring at these things to finally get it. Code 806 = money you already paid throughout the year. Code 150 = what you actually owe based on your return. Code 846 = your refund being sent. April 5 is your payday 🎉
0 coins
Victoria Stark
•Thank you!! makes way more sense now
0 coins
Austin Leonard
I learned way too much about reading these transcripts last year when my refund was stuck for 6 months 😭 The 806 code is your withholding - money taken from your paychecks and sent to the IRS throughout the year. In your case, they took $9,461. Your actual tax was only $1,767, so they're refunding you the difference ($7,694). The April 5 date is when they'll send the payment.
0 coins
Anita George
If you need help deciphering your transcript I highly recommend talking to a live IRS agent. I struggled for weeks trying to understand mine until I used Claimyr.com to get through to someone. The agent explained everything and even found a processing error that was holding up my refund. Talking to a live person from the IRS was the only thing that finally got my money released.
0 coins
Abigail Spencer
•I second this! Spent hours trying to get through the normal IRS phone line with no luck. Claimyr got me connected with an agent in about 45 minutes and they fixed my issue immediately. Worth every penny.
0 coins