So I was looking at my tax transcript from last year. Everything on it was dated normally. However, at the bottom I saw code 922 (review of unreported income) that’s dated 2/18/20. Which is the date for this coming Tuesday. Does anyone know why it’s on an old tax transcript and what that means for me? The amount next to it is $0.00 so I don’t fully understand what’s going on.
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The IRS matching program compares your return against W-2s and 1099s that the IRS received. It will then begin to “flag” unreported/underreported income via a code 922 on the Wage & Income transcript (i.e. review of unreported income). If the IRS determines there is a discrepancy they will send you a CP2000 notices between March and October!
This isn’t a formal audit notification, but a notice to see if the taxpayer agrees or disagrees with the proposed tax changes. Taxpayers should respond to the CP2000, usually within 30 days from the date printed on the notice.
See additional information with this link: Code 922
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