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Code 971 means the IRS has asked you for additional information on an issue, and it's typically related to Code 570.

Here's how it would work for a taxpayer seeking to verify income for a lender: the lender will assign a 10-digit number, for example, a loan number, and it will be entered on Form 4506-C. When the form is processed by the IRS, that number will display on the transcript.

TC 766 can also indicate an ?IRS TOP Offset Reversal.? TOP refers to the Treasury Offset Program, which could be related to your TC 570. This TC may refer to the reversal of a possible offset of your refund. TC 768 indicates your Earned Income Credit.

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 an IRS code 766 appears on your 2021 or 2022 tax transcript, that means there is a tax credit on your account from the IRS, which is good news. This tax credit could be the result of a tax refund, overpayment of taxes, or a credit from the current tax year.

What Does code 570 on your Tax Transcript mean? ing to the IRS guidelines, TC 570 on your tax transcript means your return is on hold due to a pending additional liability review. No further processing or refund payment can be made until this hold is lifted.

The Meaning of the IRS Code 766 The code's 'Explanation of Transaction' section usually reads 'tax relief credit' or 'credit to your account. ' The date next to the code shows when the IRS assigns a certain credit to your account, and it doesn't reveal when the tax refund will be issued.