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Will My $5,880 Negative Balance on 2022 IRS Transcript Result in Refund? HOH Filer with $17,557 AGI and $6,164 EIC

Just got my 2022 tax transcript and I'm really confused about what I'm looking at. According to my Internal Revenue Service United States Department of the Treasury Account Transcript (requested on 03-10-2023, response date 03-10-2023), my adjusted gross income shows as $17,557.00 and I filed as Head of Household with 3 exemptions. The transcript shows self employment tax of $2,543.00 (my SE taxable income was $16,623.00), and I received an earned income credit of $6,164.00. Looking at the transactions, there's also another credit of $2,259.00 dated 04-15-2023. My account balance shows -$5,880.00 (as of March 28, 2023), with $0.00 in accrued interest and penalties. The transcript shows my taxable income as $0.00. I'm looking at these numbers and transactions: 150 Tax return filed: $2,543.00 (Cycle 20231005, date 03-27-2023) 766 Credit to your account: -$2,259.00 (dated 04-15-2023) 768 Earned income credit: -$6,164.00 (dated 04-15-2023) My return due date or return received date (whichever is later) is shown as Apr. 15, 2023, with a processing date of Mar 27, 2023. The document references my filing information with a code 76211-453-84433-3. The transcript clearly states "ANY MINUS SIGN SHOWN BELOW SIGNIFIES A CREDIT AMOUNT" and shows my "ACCOUNT BALANCE PLUS ACCRUALS (this is not a payoff amount): -$5,880.00" Can someone break this down for me? With these credits and the negative account balance showing -$5,880.00, I'm not sure if this means I'm getting a refund or if I owe money. The transcript is dated March 10, 2023, and shows a processing date of March 27, 2023.

Isabella Santos

Your tax transcript shows you filed as Head of Household with 3 exemptions, reporting an adjusted gross income of $17,557.00 for 2022. The key components include: Self-Employment Income and Tax: - SE taxable income: $16,623.00 - Self-employment tax owed: $2,543.00 (Code 150) Credits You Received: - Earned Income Credit: $6,164.00 (Code 768) - Additional credit: $2,259.00 (Code 766) The negative account balance of -$5,880.00 represents your refund amount (calculated as $6,164.00 + $2,259.00 - $2,543.00). This negative balance means the IRS owes you money, not the other way around. Important dates: - Processing date: March 27, 2023 - Credit posting date: April 15, 2023 With zero accrued interest and penalties, and your taxable income showing as $0.00, you're in good standing with the IRS. Your refund of $5,880.00 should be issued following the April 15, 2023 credit posting date.

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Malik Davis

omg thank you so much! I was worried that negative meant I owed money 😅

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1M

Isabella Santos

Nope, in IRS speak, negative is good for you! It means money coming your way 💰

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StarStrider

Hey, instead of trying to decode these transcripts yourself, you should try taxr.ai. It's only $1 and it breaks down everything in plain English. I was confused about my transcript too but it explained everything perfectly. https://taxr.ai

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Ravi Gupta

Is it legit? Kinda scared to upload my transcript to random sites

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StarStrider

totally get the concern! but its super secure and doesnt store your data. saved me hours of googling random codes lol

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Freya Pedersen

just tried it rn actually works amazing! way better than playing detective with these codes 🕵️‍♂️

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Omar Hassan

in the same boat rn. these transcripts might as well be written in ancient egyptian 🤣

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Chloe Anderson

Looks like ur getting back $5,880. The negative means its coming to you not that you owe it

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Malik Davis

thank u! that makes me feel better

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Diego Vargas

nice refund! make sure ur direct deposit info is correct in ur account

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CosmicCruiser

Watch ur bank account like a hawk. Mine hit exactly 5 days after processing date

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Malik Davis

good to know! ill keep checking 👀

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1M