Verifying My $11,066 Refund: 2024 Tax Transcript Shows $13,897 Withholding vs $2,831 Tax

Just checked my account transcript for tax period Dec. 31, 2024 and saw Cycle 05 updated. I'm looking at my Internal Revenue Service transcript dated 02-07-2025 (Request Date and Response Date both 02-07-2025). The transcript shows: FORM NUMBER: 1040 TAX PERIOD: Dec. 31, 2024 ACCOUNT BALANCE: $0.00 ACCRUED INTEREST: $0.00 AS OF: Feb. 25, 2025 ACCRUED PENALTY: $0.00 AS OF: Feb. 25, 2025 ACCOUNT BALANCE PLUS ACCRUALS: $0.00 My filing details show: EXEMPTIONS: 06 FILING STATUS: Married Filing Joint ADJUSTED GROSS INCOME: $124,307.00 TAXABLE INCOME: $95,107.00 TAX PER RETURN: $3,831.00 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. 15, 2025 PROCESSING DATE: Feb. 25, 2025 TRANSACTIONS: CODE 150 - Tax return filed - CYCLE 20250605 - DATE 02-25-2025 - AMOUNT $3,831.00 CODE 806 - W-2 or 1099 withholding - DATE 04-16-2025 - AMOUNT -$14,897.00 CODE 846 - Refund issued - DATE 02-13-2025 - AMOUNT $11,066.00 Got a TC150 for $3,831.00 and withholding credit (Code 806) of $14,897.00. Shows refund issued (Code 846) of $11,066.00 on 02-13-2025. Can someone help me read this and confirm everything looks right? I noticed the account balance is $0.00 with no accrued interest or penalties as of Feb. 25, 2025. Really nervous about the numbers, especially since the return processing date shows as Feb. 25, 2025. The math seems to work ($14,897.00 withholding minus $3,831.00 tax equals the $11,066.00 refund) but I'd love a second set of eyes on this. No self-employment income showing for either spouse (SE TAXABLE INCOME is $0.00 for both of us). The transcript shows a Tracking Number but I'm not including that for privacy. I'm just concerned if everything looks normal and whether my refund amount calculation is correct.

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13 comments

Oliver Fischer

Your tax transcript shows a standard processing flow for a 2024 return. The total tax liability of $2,831.00 (TC150) is relatively low compared to your adjusted gross income of $123,307.00, which likely reflects effective use of deductions and your 6 exemptions. Your withholding credits of $13,897.00 (TC806) were more than sufficient to cover the tax liability, resulting in a refund of $11,066.00 (TC846) issued on February 12, 2025. The cycle code 20250605 indicates normal processing, and the zero account balance confirms no outstanding issues. Your filing status as Married Filing Joint with no self-employment income for either spouse means you're not subject to SE tax. The processing date of February 24, 2025, falls within normal IRS timeframes, and the return due date is correctly shown as April 15, 2025. The absence of any accrued interest or penalties as of February 24, 2025, indicates your return was filed timely and processed without any compliance issues. Your taxable income of $94,107.00 shows approximately $29,200 in deductions from your AGI, which appears reasonable for your filing status and exemptions.

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