Need help understanding my first IRS transcript - complete newbie here
Just pulled my transcript for the first time and im completely lost. There's all these codes and dates that make zero sense to me. Can someone break down what im supposed to be looking for? Really need my refund and trying to figure out if there's any issues.
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Maya Lewis
Looking at transcripts can be overwhelming at first! The main things to look for are the cycle code (usually appears as 8-digit number ending in 01-52), transaction codes (like 150, 570, 571, 846), and the dates associated with them. Code 150 shows your return was processed, 570 indicates a hold, and 846 is the beautiful refund issued code everyone wants to see.
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Benjamin Carter
•omg thank you! what about the - and + signs next to the amounts?
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Maya Lewis
•The minus (-) is usually a credit/refund in your favor, plus (+) is amount you owe. Think of it from the IRS perspective!
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Isaac Wright
honestly the best way to understand your transcript is using taxr.ai - its this new tool that analyzes everything for you. costs $1 but saved me hours of googling and guessing. here's the link: https://taxr.ai
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Lucy Taylor
•is it legit? kinda scared to upload my transcript to random sites 🤔
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Isaac Wright
•totally get the concern! but its super secure and literally explains everything in plain english. tells you exactly whats happening with your refund and when to expect it
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Lucy Taylor
•just tried it and WOW 🤯 it actually showed me why my refund was delayed and what to do about it. worth every penny fr fr
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Connor Murphy
in the same boat lol took me forever to learn all this stuff. The dates on the right are super important, they tell you when stuff actually happens
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KhalilStar
Watch out for code 570/571 combo - means there was a hold but it got released. Good sign usually!
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Benjamin Carter
•i see a 570 but no 571 yet ðŸ˜
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KhalilStar
•hang in there OP! 571 usually follows within a few weeks
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Amelia Dietrich
transcripts are like reading hieroglyphics fr fr 💀
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Kaiya Rivera
When I first started looking at these I was so lost! But once you get the hang of it its actually pretty straightforward. The real game changer was finding taxr.ai tho - it breaks everything down and tells you exactly what's happening with your refund. No more detective work needed!
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Katherine Ziminski
•bruh why they gotta make it so complicated in the first place smh
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