Understanding My 2024 Tax Transcript: $32,835 Income, $0 Tax, $6,122 Total Refund - Need Help with Transaction Codes and Notice

Can someone help me understand my transcript? I'm seeing a lot of different codes and numbers that are confusing me. Looking at my transcript, I have a TAXABLE INCOME of $32,835.00 and my TAX PER RETURN shows $0.00. There's no self-employment tax showing for either me or my spouse - both SE TAXABLE INCOME TAXPAYER and SE TAXABLE INCOME SPOUSE show $0.00, with TOTAL SELF EMPLOYMENT TAX also showing $0.00. My RETURN DUE DATE is Apr. 15, 2025, and there's a PROCESSING DATE of Feb. 24, 2025. I'm seeing several transaction codes in the TRANSACTIONS section that I don't understand: - Code 150 Tax return filed from 02-24-2025 showing $0.00 (CYCLE 20250605) - Code 806 W-2 or 1099 withholding from 04-15-2025 showing -$3,344.00 - Code 766 Credit to your account from 04-15-2025 showing -$1,688.00 - Code 768 Earned income credit from 04-15-2025 showing -$1,090.00 - Code 971 Notice issued from 02-24-2025 showing $0.00 There's also some number that looks like 32221-427-36327-5 below the tax return filed line. At the bottom it says "This Product Contains Sensitive Taxpayer Data" I'm really confused about all these negative numbers - does this mean I owe money or am I getting a refund? What's the significance of the $0.00 tax per return when I have taxable income? Can someone explain what all these codes and amounts mean and what my refund status is? Why would I get a notice issued (code 971) on the same day my return was processed?

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14 comments

Charlie Yang

Your tax transcript shows several important details about your 2024 tax return. Your taxable income is $32,835.00, but your tax liability shows as $0.00 because your credits fully covered any taxes owed. This is further confirmed by the transaction code 150 showing $0.00 tax assessment. The negative amounts on your transcript actually represent money in your favor: - Code 806: -$3,344.00 represents taxes already withheld from your W-2 or 1099 income - Code 766: -$1,688.00 is likely a refundable tax credit (possibly Child Tax Credit or American Opportunity Credit) - Code 768: -$1,090.00 is your Earned Income Credit When you add these credits together (-$3,344 - $1,688 - $1,090), you're due a total refund of $6,122. The code 971 with $0.00 simply indicates that the IRS issued you a notice, which is routine. Your return was processed on February 24, 2025, well ahead of the April 15, 2025 due date. There's no self-employment tax showing for either you or your spouse, which is consistent with having W-2 or 1099 withholding rather than self-employment income.

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