Cycle 05 with $3,388 Refund Pending - 2024 Return Processed 2/24 But No DD Yet - Transcript Shows EIC and Withholding

Filed my 2024 taxes early and got a cycle code 05 (20250605). My transcripts are showing similar dates to previous years when I got my direct deposit on 2/15 or 2/22, but no update today. I checked my transcript carefully and it shows a lot of detailed information that's making me worried. According to my Record of Account from the IRS website, my return was processed on Feb. 24, 2025 with an account balance of -$3,388.00. The transcript shows I filed as Head of Household with 03 exemptions. My Adjusted Gross Income is $49,783.00 with taxable income of $27,883.00. Tax per return shows $514.00, and I have $0.00 in self-employment tax (both taxpayer and spouse sections show $0.00 for SE taxable income, with total self-employment tax of $0.00). The transaction section of my transcript shows: CODE EXPLANATION OF TRANSACTION CYCLE DATE AMOUNT 150 20250605 02-24-2025 $514.00 806 W-2 or 1099 withholding 04-15-2025 -$2,640.00 768 Earned income credit 04-16-2025 -$1,262.00 My return due date (or return received date, whichever is later) is listed as Apr. 15, 2025, with a processing date of Feb. 24, 2025. The transcript also confirms I have no accrued interest or penalties as of Mar. 03, 2025. My total account balance is -$3,388.00 (this includes the credit amounts). I'm confused because with my cycle code 05 (20250605) and processing date of Feb. 24, I should have seen movement on my refund by now based on previous years' experiences when I received my direct deposit around 2/15 or 2/22. The IRS website says my refund is still being processed. Anyone else in the same boat with similar dates and cycle codes seeing no movement on their refund yet? Is the 05 cycle code working differently this year? I'm starting to get anxious since I was counting on this money.

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15 comments

Fatima Al-Mazrouei

•10M

Your tax transcript shows you're on a weekly processing cycle (code 05) with a total refund of $2,388. This breaks down into your W-2 withholding of $1,640 (code 806), Earned Income Credit of $1,262 (code 768), minus your tax liability of $514 (code 150). The processing date of February 24, 2025, combined with your cycle code 20250605, indicates your return is being processed in the standard timeframe. As a Head of Household filer with an AGI of $49,783 and taxable income of $27,883, your return appears to be straightforward with no complications like self-employment tax. Important to note: There are no accrued penalties or interest as of March 3, 2025, which is positive. The negative balance of -$2,388.00 on your transcript is actually good news - it represents the refund amount owed to you. Based on typical IRS processing patterns for returns with EIC, you should expect your refund approximately 8 days after a code 846 (refund issued) appears on your transcript. With your cycle code, any updates would typically appear on weekly Thursday/Friday updates.

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Adaline Wong

•3M

I'm in a similar situation with cycle 05 and feeling the same anxiety! Filed early February and my transcript shows processing date of 2/26 but still no movement. The waiting is killing me too, especially when you're counting on that money. One thing I noticed from your transcript details - your refund amount is actually $3,388, not $2,388 like someone mentioned earlier. The math checks out: $2,640 withholding + $1,262 EIC - $514 tax = $3,388 total refund. Since you have EIC, the PATH Act requires them to hold refunds until at least February 15th, and with processing backlogs it can take even longer. Your cycle 05 means weekly updates, so definitely check your transcript again this Friday. Hang in there - based on what others are saying, movement should happen soon! The fact that your transcript shows all the right codes and no errors is a good sign.

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