Hi guys. I’m wondering has anyone had to wait the entire 60 days for the irs to review your return. My taxes were approved 2/24/24 and have been in reviews since then. I have a code 766 that says credit to your account 4/15/24. Is that when I should expect them to be done?

Hey there! I actually deal with these situations all the time. The 766 code with a future date (4/15/24) is actually pretty common this year. It's basically showing when the credit will be applied to your account, but doesn't necessarily mean that's when you'll get your refund. Looking at your dates, being in review since 2/24 means you're about halfway through that 60-day review period. I'd highly recommend checking out taxr.ai - it's this new tool that can analyze your transcript and give you a really specific timeline. I've been recommending it to everyone stuck in these reviews because it helps decode all these crazy codes and dates. https://taxr.ai

I found a way to solve IRS 60-day review delay issues, watch this: https://www.youtube.com/watch?v=qyaygA2FSPg

If the IRS is reviewing your tax return, it's not uncommon for it to take the full 60 days they often request. The review process is a standard part of the IRS's system for ensuring the accuracy of returns and compliance with tax laws. It can be triggered for various reasons, such as random selection, mismatched information, or incomplete documentation. Regarding the codes on your transcript: Code 766 with a date of "4/15/24" next to it typically refers to a credit that is applied to your account. This might be related to withholding, estimated tax payments, or refundable credits like the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC). The date "4/15/24" is likely the date the credit is recognized by the system, which aligns with the tax filing deadline for most individuals. It's important to note that this date is not necessarily when you will receive your refund, especially if your account is under review. The fact that your taxes were approved on "2/24/24" but are still under review suggests that the IRS may have found an issue that requires further verification or documentation. During the review process, the IRS may hold off on issuing your refund. Even if a credit is noted on your account for 4/15/24, if the review is not completed or there is another issue, the actual refund might be delayed beyond that date. If you're waiting for the completion of a review, the IRS typically contacts taxpayers if additional information is needed. If the 60 days have passed and you haven't heard anything, or if you are approaching the end of the 60-day period, it would be reasonable to contact the IRS for an update on the status of your review. It’s also a good practice to keep checking your transcript for updates, such as the appearance of code 846, which indicates a refund has been issued. I made a video about calling IRS transcript line here: https://youtu.be/UiAegRQ2Is8