Confused about 'credit to account' on NY unemployment tax transcript - where's this money?

Its probably the unemployment tax refund from the American Rescue Plan. They made a portion of unemployment benefits non-taxable AFTER many people already filed. So the IRS has been automatically adjusting returns and sending refunds. Check your bank account - they might have direct deposited it already if you had direct deposit set up with them.

After dealing with similar nightmares trying to talk to anyone at ny unemployment and then the IRS, I finally tried this service called Claimyr (claimyr.com) and got a callback with a live agent on my phone within an hour. Talking to the agent got my situation cleared up fast - turns out the credit was applied to my account but they were holding it because of some verification issue. Worth checking out if you're tired of being on hold forever. They have an explanation video here too: https://youtu.be/Rdqa1gKtxuE

That "credit to account" line on ur transcript means the IRS processed a refund. Look at the cycle date on the same line - the refund is typically issued within 1-2 weeks of that date. If it's been longer, you should call and check status. Could be delayed for ID verification or they sent a check instead of DD.

Omg the exact same thing happened to me!! Check to see if they mailed you something rather than direct deposit. My unemployment tax adjustment got sent as a paper check for some reason even though my original refund was DD. Found the check after it sat in my mail pile for like 2 weeks 😂

i had this EXACT issue. called IRS (took forever) and found out they had an old address for me. the check was returned to them. had to verify identity and wait ANOTHER 6 weeks to get the money reissued. check if your address is current with them.

The IRS and NY unemployment systems are both complete disasters. I worked for the state for 5 years and even I can't figure out half the stuff they do. The "account" they're referring to is basically their internal ledger for what you owe/what they owe you. It's NOT actually an account you can log into or view balances on.

Here's what I know about the unemployment tax credit from personal experience: * The American Rescue Plan made the first $10,200 of unemployment not taxable for 2020 (if your income was under $150k) * If you filed taxes BEFORE this law passed, the IRS is supposed to automatically adjust and send refunds * These refunds started going out in May 2021 and are STILL being processed in batches * The "credit to account" on transcript means they processed yours * To actually GET the money: - Check if it was direct deposited (can take 2-3 weeks after transcript shows the credit) - Look for a paper check (they sometimes send checks even if you had DD) - If nothing after 4+ weeks, you NEED to call IRS (which is nearly impossible) I finally got through to them using claimyr.com - it kept calling and got me a callback when an agent was available. Saved me hours of frustration. My issue was they had sent the check to my old address.

i had the same thing happen. the money eventually showed up in my account like 3 weeks after that "credit to account" showed up on my transcript. the irs is just slow AF at everything 🐌

Call the IRS tax advocate service instead of the main line! 877-777-4778. They can actually look up your account and tell you exactly whats going on. Regular IRS reps are useless.

Wow the NY unemployment system and IRS together create the perfect storm of incompetence and confusion. I feel for you 😩 My unemployment tax credit took 6 months to actually reach me.

Check if you have any offsets. Sometimes the "credit" doesn't go to you because they apply it to other debts like student loans, back taxes, child support, etc. That might be why you don't see it as a refund.

you can also check "where's my refund" tool on the irs website with your SSN, filing status and refund amount. sometimes it shows pending refunds.

This systems so broken that my 68 year old mother figured out how to use Twitter just to publicly complain to get the attention of our state rep after 4 months of no unemployment benefits or tax refunds 😂😭 The sad part is that actually worked!

check if u qualify for the Taxpayer Advocate Service - they help people experiencing financial hardship due to tax issues. if ur waiting on this money for essential needs, they might expedite ur case.