IRS Transcript Shows $0 Tax (Code 150) With $10,924 Refund From Credits & Withholding - Is This Normal?

I just pulled my transcript for 2024 and I'm really confused about what I'm seeing. The code 150 (Tax return filed) shows $0.00 but I'm supposed to get a refund of $10,924.00. Looking at my Internal Revenue Service transcript dated 01-31-2025 (Request Date: 01-31-2025, Response Date 01-31-2025), I can see my withholdings (code 806) of $178.00 and credits including an Earned Income Credit (code 768) of $7,418.00 and another credit (code 766) of $3,328.00. But why would the tax return amount (code 150) be $0.00? The transcript shows this information: FORM NUMBER: 1040 TAX PERIOD: Dec. 31, 2024 ACCOUNT BALANCE: -10,924.00 ACCRUED INTEREST: 0.00 AS OF: Feb. 11, 2025 ACCRUED PENALTY: 0.00 AS OF: Feb. 11, 2025 ACCOUNT BALANCE PLUS ACCRUALS (this is not a payoff amount): -10,924.00 Under "INFORMATION FROM THE RETURN OR AS ADJUSTED" it shows: EXEMPTIONS: 04 FILING STATUS: Head of Household ADJUSTED GROSS INCOME: [blank] TAXABLE INCOME: [blank] 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. 17, 2025 The transactions section shows: TRANSACTIONS CODE EXPLANATION OF TRANSACTION | CYCLE | DATE | AMOUNT 150 Tax return filed | 20250504 | 02-17-2025 | $0.00 806 W-2 or 1099 withholding | | 04-16-2025 | -$178.00 766 Credit to your account | | 04-16-2025 | -$3,328.00 768 Earned income credit | | 04-16-2025 | -$7,418.00 Is this going to cause any problems with my refund? I'm concerned because even though all my credits and withholdings are there (adding up to $10,924.00), I don't understand why the tax return amount itself shows as zero. The Product Contains Sensitive Taxpayer Data warning is on my transcript, so I wonder if that has anything to do with it. I filed as Head of Household with 4 exemptions, and my total self-employment tax is $0.00. My taxable income and adjusted gross income fields are blank on the transcript. Does this mean I didn't have any taxable income for the year? Could that explain why my tax return amount (code 150) is $0.00? Can someone explain if this is normal? Will I still get my refund of $10,924.00 even though my tax per return is showing as $0.00?

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Charlotte White

Your transcript shows a normal tax situation where you have zero tax liability (Code 150) but are receiving refundable credits. The total refund of $10,924.00 is composed of three elements: $178.00 in withholdings (Code 806), $3,328.00 in credits (Code 766, likely the Child Tax Credit), and $7,418.00 in Earned Income Credit (Code 768). The $0.00 tax liability is perfectly normal and indicates that your deductions and adjustments reduced your taxable income to zero. This doesn't affect your refund since the credits you're receiving are refundable, meaning you get them even with no tax liability. Important details from your transcript: - Filing status: Head of Household with 4 exemptions - Processing date: February 17, 2025 - Return due date: April 15, 2025 - No accrued interest or penalties as of February 10, 2025 - Zero self-employment tax Based on the processing date, you should expect your refund within 21 days of February 17, assuming no additional review is needed. The negative account balance of -$10,924.00 confirms the refund amount you're expecting.

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