Self Employed Head of Household Tax Transcript Review: $7,410 Refund with $7,830 EIC - Are Codes 150, 766, 768 Correct?

Can someone look at my transcript and tell me if everything looks good for my self employed return? I just received my Account Transcript from the IRS dated 02-07-2025 and I want to make sure everything checks out. According to the transcript, my AGI shows as $22,895.00 with self employment taxable income of $22,757.00. I'm filing as Head of Household with 4 exemptions, and my taxable income shows as $0.00. My total self employment tax is $3,329.00. Here are the specific transaction codes I'm seeing on my transcript: - Code 150 showing $3,329.00 on 02-24-2025 (cycle 20250605) - Code 766 showing a credit of -$2,909.00 dated 04-15-2025 - Code 768 for earned income credit of -$7,830.00 dated 04-15-2025 The total refund amount showing is -$7,410.00, with no accrued interest or penalties as of Feb. 24, 2025. My return due date is April 15, 2025, and the processing date shows as Feb. 24, 2025. The transcript details include: ACCOUNT BALANCE: -7,410.00 ACCRUED INTEREST: 0.00 AS OF Feb. 24, 2025 ACCRUED PENALTY: 0.00 AS OF Feb. 24, 2025 ACCOUNT BALANCE PLUS ACCRUALS (this is not a payoff amount): -7,410.00 Just want to make sure everything is processing correctly before I get my hopes up about this $7,410 refund. The transcript is from a request dated 02-07-2025 with a response the same day. Does all of this look right, especially with my self-employment income and the earned income credit? This is my first year being fully self-employed and I'm not sure if these numbers make sense together.

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Kai Rivera

Your tax transcript shows a properly processed self-employed return with a total refund of $7,410. Let's break down the key elements: Income and Status: - Your AGI of $21,895 with self-employment income of $21,757 aligns well - Filing as Head of Household with 4 exemptions resulted in $0 taxable income, which is normal given tax brackets and standard deductions Tax Calculations: - Self-employment tax of $3,329 (shown in code 150) represents your 15.3% obligation for Social Security and Medicare - You're receiving two significant credits: 1. Code 766: -$2,909 tax credit 2. Code 768: -$7,830 earned income credit (EIC), which is a refundable credit for lower-income workers The timing looks standard: - Return processed on Feb. 24, 2025 - Due date of April 15, 2025 - No interest or penalties showing - Credits are scheduled to post on April 15, 2025 Your refund amount of $7,410 is correctly calculated from: $3,329 (tax liability) - $2,909 (tax credit) - $7,830 (EIC) = -$7,410 Everything appears correctly processed and you should expect your refund in early March based on typical IRS processing times.

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