When Will I Receive My $9,131 EIC Refund - Tax Return Processed Feb 24 With Self Employment

Just got my transcript and I'm trying to understand what it all means. According to my account transcript, I have an ACCOUNT BALANCE of -$10,131.00 AS OF: Feb. 19, 2025. My ACCRUED INTEREST shows 0.00 and ACCRUED PENALTY also shows 0.00 AS OF: Feb. 19, 2025. The ACCOUNT BALANCE PLUS ACCRUALS (with a note that "this is not a payoff amount") is -$10,131.00. Looking at the "INFORMATION FROM THE RETURN OR AS ADJUSTED" section, it shows: EXEMPTIONS: 05 FILING STATUS: Married Filing Joint ADJUSTED GROSS INCOME: $25,286.00 TAXABLE INCOME: 0.00 TAX PER RETURN: $2,216.00 SE TAXABLE INCOME TAXPAYER: $14,484.00 SE TAXABLE INCOME SPOUSE: 0.00 TOTAL SELF EMPLOYMENT TAX: $2,216.00 The RETURN DUE DATE OR RETURN RECEIVED DATE (WHICHEVER IS LATER) is Apr. 15, 2025, and my PROCESSING DATE was Feb. 24, 2025. Then there's a TRANSACTIONS section showing: CODE 150 - Tax return filed - CYCLE 20250604 - DATE 02-24-2025 - AMOUNT $2,216.00 14211-427-03576-5 CODE 806 - W-2 or 1099 withholding - DATE 04-15-2025 - AMOUNT -$99.00 CODE 766 - Credit to your account - DATE 04-15-2025 - AMOUNT -$3,418.00 CODE 768 - Earned income credit - DATE 04-15-2025 - AMOUNT -$7,830.00 At the top it says "ANY MINUS SIGN SHOWN BELOW SIGNIFIES A CREDIT AMOUNT" - so does this mean the -$10,131.00 is actually my refund amount? The amounts seem to add up: $2,216.00 tax owed, minus $99.00 for withholding, minus $3,418.00 credit, and minus $7,830.00 for earned income credit equals -$9,131.00 (though my account shows -$10,131.00). With the processing date of Feb. 24, 2025, is that when I should expect my deposit? I'm new to reading these transcripts and want to make sure I understand everything correctly, especially with all these different numbers and dates showing up. Does the fact that my return due date is Apr. 15, 2025 affect when I'll get my refund? Thanks for helping me interpret all these numbers and dates correctly!

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Malik Davis

The transcript shows a total refund amount of $9,131.00, which is reflected as a negative number because the IRS uses minus signs to indicate credits. This refund is composed of three main credits: $99.00 in tax withholdings, $3,418.00 in general credits, and $7,830.00 in Earned Income Credit, offset by your self-employment tax liability of $2,216.00. Your return details show you filed as Married Filing Joint with 5 exemptions, reporting an Adjusted Gross Income of $25,286.00. The self-employment income of $14,484.00 generated the $2,216.00 in self-employment tax (which is roughly 15.3% of your SE income, as expected). The processing date of February 24, 2025 (transaction code 150) typically means your refund will be issued within 1-2 business days after this date. The transcript shows zero penalties or interest accrued as of February 17, 2025, indicating your return is in good standing. Transaction codes provide additional detail: - Code 806: Indicates your withheld taxes - Code 766: Shows general tax credits - Code 768: Reflects your Earned Income Credit Your return due date is listed as April 15, 2025, but since your return has already been processed, this date is only relevant for record-keeping purposes.

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