Hello! I received my tax transcripts. I don't understand the codes on my transcripts or the dates. For example, I have a code 420 with a 3/27 date then a 766 (credit to account) with date 4/15. What

Forum|Forum|6 years ago
July 7, 2020
1 reply
7 views

Do the dates mean anything important?

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JotikaT2

Employee Tax Expert

Code 420 means the return was selected for an Examination, but that does not necessarily mean anything will happen. If they do select your return for an examination, the IRS will send you a letter. But if you never receive a letter, then they have reviewed everything and determined no further action is needed.

Code 766 means you had a credit that was allowed on your return.

The dates just refer to when the action was taken by the IRS.

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JpaganAuthor

Level 2

@JotikaT2 Thank you so much for your help! I suppose I need to wait and see if they send me a letter. I have not received one yet so fingers crossed! I also saw that my 70 dollar payment for the plus benefits was paid for but I'm not sure how since I haven't received my refund and that's how the payment was supposed to be made. Just curious.