Understanding $10,851 Refund on My 2024 Transcript: W-2 Withholding, EIC, and Multiple Credits as Head of Household with 5 Exemptions

Can someone help me understand my transcript? I'm seeing a negative balance of -$10,851.00 on my Account Transcript for Tax Period Dec. 31, 2024. I requested this transcript on 02-14-2025 and received the response on the same date. My transcript shows the following information: - ACCOUNT BALANCE: -$10,851.00 - ACCRUED INTEREST: $0.00 AS OF Mar. 03, 2025 - ACCRUED PENALTY: $0.00 AS OF Mar. 03, 2025 - ACCOUNT BALANCE PLUS ACCRUALS (this is not a payoff amount): -$10,851.00 From the "INFORMATION FROM THE RETURN OR AS ADJUSTED" section: - EXEMPTIONS: 05 - FILING STATUS: Head of Household - ADJUSTED GROSS INCOME: $54,030.00 - TAXABLE INCOME: $32,130.00 - TAX PER RETURN: $0.00 - SE TAXABLE INCOME TAXPAYER: $0.00 - SE TAXABLE INCOME SPOUSE: $0.00 - TOTAL SELF EMPLOYMENT TAX: $0.00 The dates confuse me. There's a RETURN DUE DATE OR RETURN RECEIVED DATE (WHICHEVER IS LATER) of Apr 15, 2025, and the PROCESSING DATE is Feb. 24, 2025. Under TRANSACTIONS, I see: - CODE 150: Tax return filed, CYCLE 20250605, DATE 02-24-2025, AMOUNT $0.00, Reference number 70221-422-20699-5 - CODE 806: W-2 or 1099 withholding, DATE 04-15-2025, AMOUNT -$4,351.00 - CODE 766: Credit to your account, DATE 04-15-2025, AMOUNT -$915.00 - CODE 766: Credit to your account, DATE 04-15-2025, AMOUNT -$4,348.00 - CODE 768: Earned income credit, DATE 04-15-2025, AMOUNT -$1,237.00 I don't know what all these transaction codes mean or what this means for my refund. The account balance shows -$10,851.00, which matches the sum of all my credits and withholdings, but I'm not sure if that's what I'm getting back? I filed as Head of Household with 5 exemptions. Can someone break this down for me and explain what these different codes mean? Does the negative balance mean I'm getting a refund, and if so, when should I expect it? Why does it show a processing date of Feb. 24, 2025, but the credits are dated April 15, 2025? 😅

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StarSurfer

The transcript shows you're receiving a total refund of $10,851.00 for tax year 2024. Here's how it breaks down: Your withholdings of $4,351.00 (Code 806) plus three credits make up your refund: - $915.00 credit (Code 766, likely Child Tax Credit) - $4,348.00 credit (Code 766, typically Additional Child Tax Credit) - $1,237.00 Earned Income Credit (Code 768) Your filing status is Head of Household with 5 exemptions. Despite having an Adjusted Gross Income of $54,030.00 and taxable income of $32,130.00, your tax liability shows as $0.00, meaning your credits and withholdings fully covered your tax obligation and resulted in the refund. The processing date of Feb. 24, 2025, indicates when the IRS processed your return. The April 15, 2025 dates shown for the credits are the cycle dates when these amounts will be released. Your transcript shows no penalties or interest accrued as of March 3, 2025. The negative balance of -$10,851.00 is good news - it represents the refund amount you'll receive. In IRS transcripts, minus signs indicate credits or refunds due to you.

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