Understanding My IRS Transcript: $32,835 Income, $0 Tax Owed, and $6,122 in Credits/Refunds

Really confused about my transcript. Shows taxable income of $32,835.00 but I'm seeing multiple credits and codes I don't understand. My transcript shows my processing date was Feb. 24, 2025 and lists several transactions: Looking at my transcript, I see: TAXABLE INCOME: 32,835.00 TAX PER RETURN: 0.00 SE TAXABLE INCOME TAXPAYER: 0.00 SE TAXABLE INCOME SPOUSE: 0.00 TOTAL SELF EMPLOYMENT TAX: 0.00 RETURN DUE DATE OR RETURN RECEIVED DATE (WHICHEVER IS LATER): Apr. 15, 2025 PROCESSING DATE: Feb. 24, 2025 TRANSACTIONS CODE EXPLANATION OF TRANSACTION CYCLE DATE AMOUNT 150 Tax return filed 20250605 02-24-2025 $0.00 32221-427-36327-5 806 W-2 or 1099 withholding 04-16-2025 -$4,244.00 766 Credit to your account 04-16-2025 -$2,788.00 768 Earned income credit 04-17-2025 -$2,090.00 971 Notice issued 02-24-2025 $0.00 This Product Contains Sensitive Taxpayer Data I have code 150 showing my tax return filed on 02-24-2025 for $0.00, which I guess means I don't owe anything? But I'm confused because my taxable income is listed as $32,835.00. Code 806 shows W-2 withholding of -$4,244.00 dated 04-16-2025 Code 766 shows some credit of -$2,788.00 dated 04-16-2025 Code 768 shows earned income credit of -$2,090.00 dated 04-17-2025 There's also a code 971 for "Notice issued" on 02-24-2025 for $0.00 My taxable income is listed as $32,835.00 but my "TAX PER RETURN" shows $0.00. My self-employment tax shows $0.00 for both taxpayer and spouse. I'm especially confused because I don't understand why it says "SE TAXABLE INCOME" when I didn't have any self-employment income. Does anyone know what these transaction codes mean and if I actually owe anything? I filed in February and my return due date shows as Apr. 15, 2025. Just trying to understand all these negative amounts and if they're good or bad for me. Are the negative amounts refunds I'm getting? The cycle code 20250605 next to my tax return filed - what does that mean?

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13 comments

Santiago Diaz

Your transcript shows a positive financial situation. Despite having taxable income of $32,835.00, your actual tax liability is $0.00. This is due to several credits and withholdings working in your favor: - Your W-2 withholdings (code 806) amount to $3,344 - You're receiving a credit of $1,688 (code 766) - You qualified for an Earned Income Credit of $1,090 (code 768) These negative amounts are actually beneficial - they represent money coming back to you. The total of these credits and withholdings ($6,122) should be issued as a refund. The processing date of February 24, 2025, shows when the IRS processed your return, and the $0.00 amount for code 150 confirms you have no tax liability. The code 971 (Notice issued) is standard procedure - the IRS is simply acknowledging they're processing your return. Your transcript also shows $0.00 for self-employment tax for both you and your spouse, indicating you didn't have any self-employment income that required additional tax payments.

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- 1M