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How To Read Your IRS Tax Transcript, IRS Code 570 420 826 - YouTube YouTube Start of suggested clip End of suggested clip Or weekly updates only the first four digits correspond to the year. The next two digits correspondMoreOr weekly updates only the first four digits correspond to the year. The next two digits correspond to the numerical. Week of the year. And the last two digits correspond to the irs.

It most likely means that the IRS has not processed your return yet. You should check the IRS website Where's My Refund, that has the most up to date information.

Therefore, it will look something like 20220602. The first four digits indicates the tax processing year, so this would be 2022. The fifth and sixth digits are the week of the year, so in this example the '06' would mean it is the sixth calendar week of the year.

An IRS Code 766 on your tax transcript is good news. Code 766 means that you have a credit on your account, which might be the result of a refund, an overpayment from a previous year, or a credit from the current year's return. In any case, it means that your tax liability has been reduced.

When you see the IRS code 846 (refund of overpayment) on your transcript it means a refund has been issued. This is when you can use the cycle code to get an estimated payment date for your refund. It will generally be the day after your ?day of the week? cycle code.

The negative amount represents that there is a refund due back to you so no need to worry.

The information transcripts have about your account does not necessarily reflect the amount or timing of your refund. They are best used to validate past income and tax filing status for mortgage, student and small business loan applications, and to help with tax preparation.