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A transaction code can be described in some ways as a tool for tracking refunds and account transcripts. "Transaction Codes (TC) consist of three digits and they are used to identify a transaction being processed and to maintain a history of actions posted to a taxpayer's account on the Master File," explains the IRS.

When the 846-transaction code appears on your transcript, it means that you have been approved for a refund and a direct deposit date has been set. The date that appears beside the 846 code indicates when the IRS is expected to deposit your tax refund into your bank account.

Code 846 indicates that a refund has been issued by direct deposit or that a check has been printed for the refund. Does the date next to code 846 mean I'll get the refund on that day? No. The date next to code 846 is the date that the IRS initiated the refund.

How to read your Account Transcript Request and Response Dates. ... Balance, Interest, and Penalties. ... As of Date on Tax Transcripts. ... Cycle Code and Processing Date on Transcripts. ... Current Calendar Year. ... IRS Cycle Week. ... The IRS Processing Day of the Week. ... Tax Transcript Processing Date Column.

This means the steps are in place to prepare and send your refund from your amended return. It is not necessarily the actual date the check was printed and mailed. An IRS Code 776 indicates you will see negative entries to signify the payment back to the IRS.

Code 846 is one of the last transaction codes you'll see in your tax account transcript because it suggests that the IRS approved a refund for a specified amount. In 90% of cases, the IRS Code 846 is added to an account transcript within three weeks from when a tax return enters the IMF system.

Code 846 indicates that a refund has been issued by direct deposit or that a check has been printed for the refund. Does the date next to code 846 mean I'll get the refund on that day? No. The date next to code 846 is the date that the IRS initiated the refund.

On your tax transcript you will see the amounts reflected against this transaction code (TC) 898. It will be listed as a refund applied to non IRS debt, with the amount or your refund applied to the debt shown per the screenshot below.