Understanding My 2025 IRS Transcript: $4,908 Refund with EIC and Self-Employment Tax Codes 150, 766, 768

I got my transcript from the IRS today and I'm confused about what I'm looking at. According to my Account Transcript from the Internal Revenue Service (United States Department of the Treasury), the account balance shows -$4,908.00 as of Feb. 24, 2025. There are several transaction codes I don't understand (150, 766, 768) with different amounts: Code 150 shows $2,016.00 dated 02-24-2025 (Tax return filed) Code 766 shows -$1,614.00 dated 04-15-2025 (Credit to your account) Code 768 shows -$5,310.00 dated 04-15-2025 (Earned income credit) The transcript shows my Request Date was 02-10-2025 and Response Date was also 02-10-2025. At the top, it says "This Product Contains Sensitive Taxpayer Data" and has some kind of tracking number. Does the negative account balance of -$4,908.00 mean I'm getting a refund? The transcript clearly states "ANY MINUS SIGN SHOWN BELOW SIGNIFIES A CREDIT AMOUNT" but I'm still confused. My transcript shows my adjusted gross income was $13,260.00, with taxable income of $0.00. It also shows self-employment tax of $2,016.00 on SE taxable income of $13,176.00. My SE Taxable Income for spouse shows $0.00. I filed as Single with 3 exemptions, and my return due date or return received date (whichever is later) is April 15, 2025. The processing date shows as Feb. 24, 2025. There's also no accrued interest or penalties (both show $0.00). The transcript also shows "ACCOUNT BALANCE PLUS ACCRUALS (this is not a payoff amount): -$4,908.00" My transaction details show: CODE EXPLANATION OF TRANSACTION - CYCLE - DATE - AMOUNT 150 Tax return filed - 20250605 - 02-24-2025 - $2,016.00 79221-428-03645-5 766 Credit to your account - 04-15-2025 - -$1,614.00 768 Earned income credit - 04-15-2025 - -$5,310.00 Can someone help me understand what all these numbers and codes mean, especially the negative balance? I'm particularly confused about the different credits and what they mean for my refund. Is -$4,908.00 what I should expect to receive?

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12 comments

Yara Sabbagh

•10M

The IRS transcript shows a total refund of $4,908.00, which is calculated from several key components. Your self-employment tax liability of $2,016.00 (Code 150) is based on your SE taxable income of $13,176.00. This is offset by two significant credits: a general credit of $1,614.00 (Code 766) and an Earned Income Credit of $5,310.00 (Code 768). Your income details show an adjusted gross income of $13,260.00 with $0 taxable income, which explains why you're receiving substantial credits. Since you filed as Single with 3 exemptions, you qualified for the maximum EIC amount based on your income level. The processing date of February 24, 2025, indicates when the IRS completed processing your return. With no accrued interest or penalties showing on your transcript, you should expect to receive your $4,908.00 refund within 21 days of the processing date, assuming no additional reviews are needed. The negative balance (-$4,908.00) on your transcript is actually good news - in IRS terminology, negative amounts represent money the government owes you, while positive amounts represent what you owe them.

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