Does Code 150 Tax Amount of $124 Mean I Owe Despite Having $5,216 in Withholding & EIC Credits on My 2024 Transcript?
I'm looking at my 2024 tax transcript and I'm confused about what I'm seeing. There's a charge of $124.00 under code 150 from 02-24-2025. I'm not sure what this means - do I owe this to the IRS? Here's what my transcript shows: RETURN DUE DATE OR RETURN RECEIVED DATE (WHICHEVER IS LATER) Apr. 15, 2025 PROCESSING DATE Feb. 24, 2025 TRANSACTIONS CODE EXPLANATION OF TRANSACTION CYCLE DATE AMOUNT 150 Tax return filed 20250605 02-24-2025 $224.00 16211-428-22645-5 806 W-2 or 1099 withholding 04-16-2025 -$3,827.00 768 Earned income credit 04-14-2025 -$2,489.00 Tax Period Ending: 2024 I'm really confused about the $224.00 amount under code 150. Does this mean I owe the IRS this amount? I thought I was getting a refund since my withholding shows -$3,827.00 (code 806) and earned income credit shows -$2,489.00 (code 768). My return was processed on Feb. 24, 2025 (cycle 20250605), and the return due date shows as Apr. 15, 2025. Can someone explain what the $224.00 amount means and if I need to pay it? Should I be expecting a refund instead? The negative amounts for withholding and earned income credit are confusing me.
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Sean O'Connor
The tax transcript shows your 2024 return was processed on February 24, 2025, with a cycle code of 20250605. The $124.00 under code 150 represents your total tax liability for the year - this is what you owed before any credits or withholdings were applied. You have two major credits working in your favor: 1. Code 806: $2,827.00 in withholdings (from your W-2 or 1099) 2. Code 768: $2,389.00 in Earned Income Credit The negative signs (-) before these amounts indicate they reduce your tax liability. Calculating the final result: $124.00 (tax liability) - $2,827.00 (withholdings) - $2,389.00 (EIC) = -$5,092.00 This means you're due a refund of $5,092.00. The dates shown (04-15-2025) for the credits represent the official posting date for tax year 2024. Your return was processed early in the tax season (02-24-2025), well before the April 15, 2025 due date, which should mean faster refund processing.
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Anastasia Sokolov
•omg thank you so much! I was stressing about owing money 😅
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Zara Ahmed
•same thing happened to me last year lol these transcripts are confusing af
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Luca Conti
Hey guys instead of trying to decode these confusing transcripts, I've been using taxr.ai - it breaks everything down and tells you exactly what's happening with your refund. It costs $1 but totally worth it https://taxr.ai
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Nia Johnson
•Interesting, how does it work? Does it just read the transcript or what?
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Luca Conti
•It analyzes everything - tells you if there are delays, when to expect your refund, any issues that might hold it up. Super detailed breakdown.
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Nia Johnson
•Just tried it - holy cow this is amazing! 🙌 Way better than trying to figure this out myself. Finally know exactly whats going on with my refund!
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CyberNinja
the IRS website is str8 garbage. why do they make everything so complicated 🤡
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Mateo Lopez
•fr fr its like they want us to mess up 💀
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Aisha Abdullah
your fine OP, thats just your tax liability b4 credits. Your getting a fat refund
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Ethan Davis
Looks like ur getting back over 5k! 🎉
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Anastasia Sokolov
•For real??? That would be amazing!
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Yuki Tanaka
seeing that -2389 EIC is making me jelous ngl ðŸ˜
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Carmen Ortiz
•ikr? must be nice 😤
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