2024 Refund Question: Understanding $11,303 Withholding Amount with $1,293 Credit Transfer to Prior Year

I just got my IRS transcript for 2024 and I'm trying to figure out my refund amount. The transcript shows the following information: SE TAXABLE INCOME TAXPAYER: $0.00 SE TAXABLE INCOME SPOUSE: $0.00 TOTAL SELF EMPLOYMENT TAX: $0.00 RETURN DUE DATE OR RETURN RECEIVED DATE (WHICHEVER IS LATER): Apr. 16, 2025 PROCESSING DATE: Mar. 04, 2025 TRANSACTIONS CODE EXPLANATION OF TRANSACTION CYCLE DATE AMOUNT 150 Tax return filed 20250705 03-04-2025 $9,766.00 70211-424-51571-5 806 W-2 or 1099 withholding 04-16-2025 -$12,403.00 826 Credit transferred out to 03-04-2025 $2,393.27 1040 202312 971 Notice issued 03-04-2025 $0.00 This Product Contains Sensitive Taxpayer Data Looking at the transactions section, my W-2/1099 withholding shows -$12,403.00 (code 806) and my tax amount is $9,766.00 from the tax return filed (code 150) on March 4, 2025. There's also a credit transfer out (code 826) of $2,393.27 to 1040 202312. The transcript shows a processing date of March 4, 2025, and the return due date is April 16, 2025. My self-employment taxable income shows as $0.00 for both taxpayer and spouse, with total self-employment tax of $0.00. I see there was also a notice issued (code 971) on March 4, 2025 for $0.00. The tax return appears to be processed under cycle 20250705 with ID 70211-424-51571-5. Can someone help me understand what I'm looking at with all these codes and amounts, and how much I should expect back? I'm particularly confused about what this credit transfer of $2,393.27 means for my refund. Based on the withholding and tax amounts, it seems like I should be getting back $2,637.00 ($12,403.00 - $9,766.00), but I'm not sure how this credit transfer affects things. Does this mean part of my refund was applied to something else?

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14 comments

Gabriel Ruiz

Your tax transcript shows a total tax liability of $8,666 (code 150) against withholdings of $11,303 from your W-2s/1099s (code 806). A key detail is the credit transfer of $1,293.27 (code 826) that was moved to tax period 202312 (December 2023), which reduces your available refund amount. The math works out as follows: Total Withholdings: $11,303 Minus Tax Liability: -$8,666 Minus Credit Transfer: -$1,293.27 Expected Refund: $1,343.73 Your return was processed on March 3, 2025 under cycle 20250705. The $0 self-employment income and tax indicates you had only W-2 or 1099 income, no self-employed business income. The notice issued (code 971) for $0 is likely just a processing notification and doesn't impact your refund amount. The cycle code 20250705 breaks down as: 2025 (tax year), 07 (processing week), 05 (processing day), which helps track when your return was handled in the IRS system.

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