Understanding My 2022 IRS Transcript: $461 Balance Due After $1,068 Tax Assessment and $607 Withholding Credit

Can someone help me understand my 2022 tax transcript? I filed as Head of Household with an adjusted gross income of $51,565.00 and taxable income of $32,165.00. Looking at my Record of Account from the Internal Revenue Service (United States Department of the Treasury), I'm trying to understand what everything means. The transcript says "This Product Contains Sensitive Taxpayer Data" at the top. According to my transcript, I have an ACCOUNT BALANCE of $461.00 AS OF Mar. 20, 2023, with ACCRUED INTEREST of $0.00 and ACCRUED PENALTY of $0.00 (both AS OF Mar. 20, 2023). It shows my ACCOUNT BALANCE PLUS ACCRUALS as $461.00 with a note that "this is not a payoff amount". Under "INFORMATION FROM THE RETURN OR AS ADJUSTED" it shows: EXEMPTIONS: 03 FILING STATUS: Head of Household ADJUSTED GROSS INCOME: $51,565.00 TAXABLE INCOME: $32,165.00 TAX PER RETURN: $1,068.00 SE TAXABLE INCOME TAXPAYER: $0.00 SE TAXABLE INCOME SPOUSE: $0.00 TOTAL SELF EMPLOYMENT TAX: $0.00 The RETURN DUE DATE OR RETURN RECEIVED DATE (WHICHEVER IS LATER) is Apr. 15, 2023 PROCESSING DATE is Mar. 13, 2023 In the TRANSACTIONS section, I see: CODE 150 - Tax return filed - CYCLE 20230805 - DATE 03-13-2023 - AMOUNT $1,068.00 There's also a reference number: 32221-439-36357-3 CODE 806 - W-2 or 1099 withholding - DATE 04-15-2023 - AMOUNT -$607.00 CODE 971 - Notice issued - DATE 03-13-2023 - AMOUNT $0.00 The transcript notes "ANY MINUS SIGN SHOWN BELOW SIGNIFIES A CREDIT AMOUNT" at the top. Does this $461.00 account balance mean I owe money or am I getting a refund? I'm really confused about what these transaction codes and numbers mean, especially with the withholding amount of -$607.00. How do I interpret this with my balance? Does the minus sign before the $607.00 mean this is a credit to my account? The transcript also shows information about Tax Period Ending: Dec. 31, 2022, but I'm not sure what to make of all this information.

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NebulaNova

Your tax transcript shows you owe $461 to the IRS for tax year 2022. Here's the breakdown: Your total tax liability is $1,068 (code 150), and you had $607 in withholdings (code 806) throughout the year. The negative sign before the $607 withholding amount is actually good - it indicates a credit against your tax liability. The math works out as: $1,068 (tax owed) - $607 (withholdings) = $461 (remaining balance due) Some key details from your transcript: - You filed as Head of Household - Your Adjusted Gross Income was $51,565 - Your Taxable Income was $32,165 - You had no self-employment income - The processing date was March 13, 2023 - There are currently no interest or penalties accruing on your balance The code 971 ($0.00) simply indicates a notice was issued, which is standard procedure. Since your account shows a positive balance of $461, this is the amount you need to pay to the IRS. You should make arrangements to pay this amount to avoid any future penalties or interest charges.

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