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tolex244
New Member

My tax transcript say minus sign signifies a credit amount, what does that actually mean? Will I receive my refund or did the government take it?

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My tax transcript say minus sign signifies a credit amount, what does that actually mean? Will I receive my refund or did the government take it?

So I have -7120 on top half of transcript then I have -2139 by my earned income credit what does that mean 

TeresaM
Expert Alumni

My tax transcript say minus sign signifies a credit amount, what does that actually mean? Will I receive my refund or did the government take it?

The IRS tax transcript is a summary for your tax return. It sounds as if you have a credit of 2139 which is included in your total refund or was subtracted from your tax liability.  If the total refund is -7120 the EIC will be included.

The IRS will process the return and make the refund unless it is taken for an offset. A refund offset is when an IRS refund is reduced or intercepted to pay off debt, such as past-due child support, outstanding student loans, or unpaid state income tax.
 

You will always receive a notice in the mail if an adjustment or offset occurs. The notice will include the original tax refund amount and the revised amount. It will also include the agency receiving the offset payment and that agency’s contact information. If you believe you do not owe the debt or you want to dispute the amount taken from your refund, you should contact the agency that received the offset amount.
 

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tolex244
New Member

My tax transcript say minus sign signifies a credit amount, what does that actually mean? Will I receive my refund or did the government take it?

Do I need transcript tax to get a [removed] Facility?

 

 

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