Does Negative $9,358 IRS Transcript Balance with Zero Penalties Mean My 2024 MFJ Refund Is Coming?

I'm looking at my 2024 transcript and I'm seeing a -$9,358.00 balance but everything else is showing 0.00 for both accrued interest and accrued penalty as of Feb. 24, 2025. My transcript shows: ACCOUNT BALANCE: -$9,358.00 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): -$9,358.00 Under "INFORMATION FROM THE RETURN OR AS ADJUSTED," it shows: EXEMPTIONS: 06 FILING STATUS: Married Filing Joint ADJUSTED GROSS INCOME: $14,559.00 TAXABLE INCOME: 0.00 TAX PER RETURN: 0.00 SE TAXABLE INCOME TAXPAYER: 0.00 SE TAXABLE INCOME SPOUSE: 0.00 TOTAL SELF EMPLOYMENT TAX: 0.00 The RETURN DUE DATE OR RETURN RECEIVED DATE (WHICHEVER IS LATER) shows Apr. and the PROCESSING DATE shows Feb. The transactions section shows: CODE EXPLANATION OF TRANSACTION CYCLE DATE 150 Tax return filed 20250605 02-24-2025 76221-423-28643-5 806 W-2 or 1099 withholding 04-15-2025 766 Credit to your account 04-15-2025 768 Earned income credit 04-15-2025 This Product Contains Sensitive Taxpayer Data Most other transcripts I see have different numbers at the top, but mine shows the Account Balance Plus Accruals as -$9,358.00. Does this mean they're not taking anything from my refund? I'm concerned because I see lots of zeros throughout the transcript, but that negative balance at the top is confusing me. Our return was processed in February and shows a cycle number of 76221-423-28643-5. I just want to make sure I'm understanding this correctly. Is the negative balance of $9,358.00 actually my refund amount? And if so, why is everything else showing zeros?

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13 comments

Keisha Williams

The negative balance of $9,358.00 shown on your transcript represents your refund amount, not a debt. Your transcript confirms several important details that explain this refund: Your tax situation shows: - $14,559 Adjusted Gross Income - $0 taxable income (meaning you're below the taxable threshold) - 6 exemptions claimed - Married Filing Joint status - No self-employment tax for either spouse The transaction codes tell the complete story: - Code 150: Your return was filed and processed on February 24, 2025 - Code 806: You have withholding credits from W-2s or 1099s - Code 766: Additional credits applied to your account - Code 768: Earned Income Credit applied Your cycle code (76221-423-28643-5) indicates normal processing, and with a processing date of February 24, 2025, you should expect your refund within 21 days if there are no holds or additional reviews. The $0.00 amounts for both accrued interest and penalties confirm there are no additional charges or issues with your return. The negative balance is particularly important here - in IRS accounting, a minus sign indicates money the IRS owes you, not money you owe them, so this is confirmation of your refund amount.

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