Understanding My $7,717 IRS Refund: 2024 Transcript with $12,511 AGI, Head of Household & EIC Status

I'm looking at my 2024 tax transcript and need help understanding if my $7,717.00 refund is correct and on the way. I received my Account Transcript from the Internal Revenue Service (United States Department of the Treasury) which contains all my tax information. The transcript shows the following codes: - Code 150 (Tax return filed) on 02-17-2025 for $0.00 (Cycle 20250505) - Code 806 (W-2 or 1099 withholding) for $579.00 dated 04-15-2025 - Code 766 (Credit to your account) for $1,502.00 dated 04-15-2025 - Code 768 (Earned income credit) for $5,636.00 dated 04-15-2025 My account balance shows -$7,717.00 as of Feb. 10, 2025, with $0.00 in accrued interest and penalties. The transcript specifically states "ANY MINUS SIGN SHOWN BELOW SIGNIFIES A CREDIT AMOUNT" so I assume the negative means I'm getting money back? The transcript shows my return was processed on Feb. 17, 2025, and I filed as Head of Household with 5 exemptions. My adjusted gross income was $12,511.00 with $0.00 taxable income and $0.00 tax per return. It also shows $0.00 for SE Taxable Income (both taxpayer and spouse) and $0.00 for Total Self Employment Tax. The return due date or return received date (whichever is later) is listed as Apr. 15, 2025. When I add up all the credits (W-2 withholding of $579.00 + Credit of $1,502.00 + EIC of $5,636.00), it equals the $7,717.00 refund amount showing on my transcript. I noticed my transcript has a Tracking Number but I'm not sure if that's important. The transaction information has some kind of reference number too (16221-421-34705-5) next to my Tax return filed code. Can someone confirm if I'm reading this correctly and if these codes mean my refund is approved and on the way? Also, does the transcript indicate when I might receive the refund?

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14 comments

Javier Garcia

•10M

The transcript confirms your $7,717.00 refund calculation is correct. Here's how it breaks down: Your tax codes show: - Code 150: Your return was processed on Feb 17, 2025, with $0 tax liability - Code 806: $579 in W-2 withholdings - Code 766: $1,502 in credits (likely Child Tax Credit) - Code 768: $5,636 in Earned Income Credit Your filing status as Head of Household with 5 exemptions and adjusted gross income of $12,511 puts you in a position to qualify for these credits. Since your taxable income is $0, all withheld taxes and credits are being refunded to you. The negative account balance of -$7,717.00 on your transcript indicates this is a refund due to you. With no penalties or interest accrued and a processing date of Feb 17, you should expect your refund within 21 days of that date, assuming no additional review is needed. The transaction codes and amounts perfectly match your expected refund total ($579 + $1,502 + $5,636 = $7,717), indicating the refund has been approved and is being processed.

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