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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.

If you are seeing this on the IRS website, this is normal. It can take anywhere from a few days to 3 weeks to update and show the status. The 21 days is just an estimated time frame. You may not find a record of it or the website may say that you have put in incorrect information when tracking your federal refund.

A tax return transcript shows most line items from your tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes you, your representative or the IRS made after the return was filed.

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. For example Transaction Code (TC) 014 notes an address change for the taxpayer from previous years. There are codes to note one action and more codes to undo that action.

Tax Account Transcript - shows basic data such as filing status, taxable income, and payment types.

Common Tax Transcript Codes Code 150 Tax Return Filed & Tax Liability Assessed. Code 570 Additional Liability Pending/or Credit Hold. Code 766 Reversal of refund applied to non-IRS debt Generated Refundable Credit Allowance or IRS TOP Offset Reversal w/OTN.

Learn How to Fill the Form 4506-T Request for Transcript of Tax Return YouTube Start of suggested clip End of suggested clip Six you must select the type of tax return which you are requesting. Such as a 1040. Return 1065.MoreSix you must select the type of tax return which you are requesting. Such as a 1040. Return 1065. Return or 1120. Return you must next select the type of transcript. You want to receive.