Hi I have code 150 with future date and amount.(not negative) Then I also have 766 and 768 code with future dates (04/15/2023) with negative amounts! Am I getting the for code 766 and 768?

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20 comments

Lena Kowalski

Yes, you're getting a refund! Code 150 is your tax liability for the year. The codes 766 and 768 with negative amounts are credits being applied to your account. Code 766 is usually your withholding (what was taken from your paychecks) and 768 is typically the earned income credit. The negative amounts mean they're reducing what you owe, which results in your refund. The 04/15/2023 date is just a placeholder cycle date - doesn't mean you'll have to wait until then. Have you tried using taxr.ai? It's super helpful for understanding these transcript codes and can give you a better estimate of when you'll actually see your hit your account. Here's the link: https://taxr.ai

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Tom Maxon

Based on this info, it appears that if the codes 766 and 768 have negative amounts, it means that the has already been applied to your future estimated tax payment, and therefore you are not receiving a for those codes. A code 150 with a future date and a positive indicates that the has scheduled an estimated tax payment for that date. Codes 766 and 768 with future dates and negative amounts suggest that the has applied an from a prior tax year towards the estimated tax payment due on the specified date. The negative represents the of the being applied.

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Tom Maxon

Mele, a 766 Code is a positive sign with a being issued to your account. It is a general code and could be applied for a variety of reasons. Your 766 is $1500. This means the owes you $1500 for this code. The 768 is the Earned Income tax - that's another added to your refund. The owes you $3733. However your 150 code shows a balance due (meaning you owe the ) of $2,285. So the math is ($1500 + $3733) - $2285 = $2,948. Which shows up on your transcript. That's how much the will you this year.

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Dylan Cooper

@Gary Graves - A negative 816 code is actually good news! Code 816 typically represents estimated tax payments that were made, and when it shows as negative, it means those payments are being credited to your account. So you have a 150 tax (liability with) a positive amount, but your 816 estimated (payments is) negative, which means those payments are reducing what you owe. The calculation would be: your 150 minus the absolute value of your 816 = your or remaining balance. You should be getting money back!

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