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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16 comments

Charlie Yang

•10M

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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Jayden Reed

•6M

Just wanted to add some clarity on that code 971 notice - it's typically an automated notice that gets generated when your return is processed, especially if there are credits involved like EIC or Child Tax Credit. Since yours was issued the same day as processing (02-24-2025), it's likely just a standard CP12 or similar notice confirming your refund amount and breakdown. Nothing to stress about! Your transcript looks clean and you should expect that $6,122 refund soon. The processing date of Feb 24th means you filed early and should get your money faster than most people.

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