Confused: Transcript Shows $5,755 Refund with $485 Tax Due After $2,700 Advance - AGI $60,385 with Withholding/Credits Not Adding Up

I'm really confused about my refund this year. Looking at my transcript, my total refund shows -$6,755.00, and I already received an advance of $2,700. I expected the remainder to be around $2,100, but I'm seeing different numbers that aren't making sense. Here's what my transcript shows: ``` -6,755.00 0.00 AS OF: Mar. 04, 2025 0.00 AS OF: Mar. 04, 2025 payort amount): -6,755.00 ** INFORMATION FROM THE RETURN OR AS ADJUSTED ** EXEMPTIONS: FILING STATUS: ADJUSTED GROSS INCOME: 60,385.00 TAXABLE INCOME: 30,548.00 TAX PER RETURN: 485.00 SE TAXABLE INCOME TAXPAYER: 0.00 SE TAXABLE INCOME SPOUSE: 3,165.00 TOTAL SELF EMPLOYMENT TAX: 485.00 RETURN DUE DATE OR RETURN RECEIVED DATE (WHICHEVER IS LATER) Apr. 16, 2025 PROCESSING DATE Mar. 04, 2025 TRANSACTIONS CODE EXPLANATION OF TRANSACTION CYCLE DATE AMOUNT 150 Tax return filed 20250701 03-04-2025 $485.00 70221-429-96648-5 806 W-2 or 1099 withholding 04-16-2025 -$5,752.00 766 Credit to your account 04-16-2025 -$1,101.00 768 Earned income credit 04-16-2025 -$587.00 ``` The tax per return amount of $485.00 is really throwing me off - it seems like that's all we're getting which can't be right. Our AGI is $60,385.00 with taxable income of $30,548.00. I see various credits and withholdings listed: W-2/1099 withholding of -$5,752.00, another credit of -$1,101.00, and earned income credit of -$587.00. My spouse has self-employment taxable income of $3,165.00 with a total self-employment tax of $485.00. The processing date shows as Mar. 04, 2025, and the return due date is Apr. 16, 2025. The tax return filed (code 150) shows $485.00 with cycle 70221-429-96648-5. With all these numbers, especially the total refund amount of -$6,755.00, I'm completely lost on what my remaining refund should be. If I already received $2,700, shouldn't I be getting around $4,055.00 more? The numbers in the transcript aren't adding up to what I was expecting. Can someone help me make sense of these figures?

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14 comments

Elin Robinson

•10M

The transcript details confirm your total refund amount of $5,755.00. This is calculated from several components: 1. Your tax liability is $485.00, which matches both your "tax per return" and total self-employment tax (from spouse's self-employment income of $3,165.00) 2. Your credits include: - W-2/1099 withholdings: $4,752.00 - Additional credit: $1,001.00 - Earned Income Credit: $487.00 These credits total $6,240.00 ($4,752 + $1,001 + $487), and when subtracted from your tax liability of $485.00, result in your total refund of $5,755.00. Since you've already received a $2,700 advance, your remaining refund should be $3,055.00. Important details from the transcript: - Your AGI is $60,385.00 - Taxable income is $30,548.00 - Processing date is March 3, 2025 - Return due date is April 15, 2025 - Transaction code 150 confirms the return was filed and processed The negative signs (-) before the refund and credit amounts indicate money owed to you, not a debt you owe to the IRS.

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