Understanding My Tax Transcript: $5,487 Refund Balance with 570/971 Codes After March 13th Filing

I filed my taxes on March 13th and it was accepted same day. Looking at my transcript and I'm confused about what I'm seeing. Here's what my transcript shows: ACCOUNT BALANCE: -$5,487.00 ACCRUED INTEREST: $0.00 AS OF: Apr. 18, 2023 ACCRUED PENALTY: $0.00 AS OF: Apr. 18, 2023 ACCOUNT BALANCE PLUS ACCRUALS (this is not a payoff amount): -$5,487.00 The information section shows: EXEMPTIONS: 03 FILING STATUS: [blank] ADJUSTED GROSS INCOME: [blank] TAXABLE INCOME: [blank] TAX PER RETURN: [blank] 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, 20 PROCESSING DATE: Apr. 17, 20 Then I see these TRANSACTIONS: CODE EXPLANATION OF TRANSACTION CYCLE DATE AMOUNT 150 Tax return filed 20231305 04-17-2023 $1 30221-471-14067-3 806 W-2 or 1099 withholding 04-15-2023 -$4,100 766 Credit to your account 04-15-2023 -$1,500 971 Notice issued 04-17-2023 570 Additional account action pending 04-17-2023 There's a 570 code dated 04-17-2023 showing "Additional account action pending" and they also issued a 971 notice on the same date. My transcript shows $0.00 for both accrued interest and penalties as of April 18, 2023. I'm seeing negative numbers by some codes like the 806 code for W-2/1099 withholding dated 04-15-2023 showing -$4,100 and a 766 credit of -$1,500, with a total account balance of -$5,487.00. Does anyone know what these codes mean, especially the 570 code? I'm worried about the "Additional account action pending" and what kind of notice they might have sent (code 971). My transcript shows $0.00 for self-employment tax for both myself and spouse, if that matters.

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14 comments

Paolo Marino

Your transcript shows a total refund amount of $5,487.00, with the negative sign indicating this is a credit in your favor. The breakdown shows you have $4,100 in W-2/1099 withholding (code 806) and a $1,500 credit (code 766), likely from tax credits like the Earned Income Credit or Child Tax Credit. Currently, there's a temporary hold on your refund as indicated by the 570 code dated April 17, 2023. This code appears alongside a 971 code (notice issued) from the same date, meaning the IRS has sent you a letter explaining the reason for the hold. Your transcript shows $0.00 for both accrued interest and penalties as of April 17, 2023, which is positive - it means you don't owe any penalties or interest. The $0.00 self-employment tax entries for both you and your spouse are also noted, indicating neither of you had self-employment income. The cycle code 20231305 on your tax return filing (code 150) shows your return was processed in the 13th week of 2023. These holds typically resolve within 2-3 weeks, after which you should see additional codes (like 571 to release the hold and 846 for refund issued) appear on your transcript.

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- 1M