What Do These Transcript Codes Mean? Refund Received 2/22, Then Audit, Now "Additional Tax Assessed" 2/10/25

Liam Fitzgerald · 2025-01-19T08:00:00.000Z

Filed 2022 taxes and got the refund, but then got audited. Now there's new codes showing up on the transcript and idk what they mean. Anyone else been through this? Really need help understanding what's happening with my account. Looking at my transcript, I'm seeing these codes: 846 - Refund issued - 02-23-2024 971 - Notice issued - 10-08-2024 420 - Examination of tax return - 09-21-2024 300 - Additional tax assessed by examination - 02-11-2025 00-00-0000 09247-414-40044-5 421 - Closed examination of tax return - 02-11-2025 This Product Contains Sensitive Taxpayer Data So basically I got my refund back in February, but then in September they started examining my return, sent me a notice in October, and now in February they've closed the examination and assessed additional tax. I'm freaking out because I don't know what this means or what I'm supposed to do. Does the "additional tax assessed" mean I owe them money now? How much? And why did it take so long between the examination starting and closing? I've never been audited before and don't understand what these codes mean or what happens next. Has anyone dealt with this series of codes on their transcript before? Will they just send me a bill? Do I need to respond to something?