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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14 comments

Keisha Williams

•10M

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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Alexis Robinson

•28d

Just wanted to add that your cycle code 76221-423-28643-5 is actually a really good sign! The "762" at the beginning typically indicates they processed your return without any major issues or flags. With your processing date of Feb 24th, you should definitely see that $9,358 hit your account within the next week or so. The fact that everything else shows zeros (penalties, interest, etc.) means it's a clean refund with no complications. Congrats on the solid refund amount!

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