The IRS said it meant nothing, but I was told by a tax professional is the latest to release your return. I had the same cycle date and code. My transcript updated on Friday releasing my return and where’s my refund updated this morning stating that it would be deposited by 3/4
So my transcript says cod 150, tax return filed then there is a 14 digit number below it. Cycle date 20200705 Says Date 03-02-2020. Then 806 W-2 or 1099 withholding date 04-15-2020. Then 768 Earned income credit 04-15-2020. No code 846. No mention of why it hasn't been issued. Have not received a letter. What they have on here matches my return. I have no idea why I didn't get a DDD. HELP!!
I wont be using Turbo Tax anymore either. I rather pay someone than go through this buffoonery again. I filed 10 years with a tax preparer and never got reviewed. The first year I use turbo tax and do them myself, I get reviewed. Doesn't seem random at all.
I would suggest getting a local advocate if possible, they can start cases Monday.
570 code means a hold.
971 means a letter has been sent.
571 means freeze lifted.
For those with the 3/2 or 3/9 date that means that the IRS has to update your transcripts by then so we should see an update the next time our transcripts update which is on Thursday nights for us.
I have a 570 code with nothing after that but luckily I was able to get specific answers on the reason why mine is being reviewed. I was 250 bucks off. So I sent in my amended return already. From my understanding from the date my amended return was signed for they have 30 days from that date to resolve my issue, which is better than 60 days. My advocate will open my official case Monday and she stated that since I have done most of the steps on my own she can open the case and keep it open until my refund has been sent...hopefully sooner than 30 days but in not banking on it (no pun intended).
Call the appointment hotline, make an appointment OR google your local advocate for the IRS and although alot of the help that they can offer has beeb restricted they can provode the steps that you need to take.
The folks on the appointment line can give you information and dont let them tell you that they can't. They can give you details on your hold. Especially of the hold wasnt lifted this week there is most likely a discrepancy even is small....remember mine was only 250.00.
If you have time google irs tax transcript codes, it helps because they will tell us anything.
Santa Barbara Bank took the fees out of my refund 2/26 which was my & my transcript had the issue date of 2/26 & wmr was showing sent on 2/27 still no deposit in my BOA account by 2/28 so I'm wondering where the heck is my money by now so I did a little research & was reading in a Facebook group to go to Santa Barbara Bank website & select to view it on the desktop site because on the mobile they will only show the fees taken out but on the desktop site it shows if & where your refund has been issued come to find out they charged me $30 for the deposit into the bank that I never got & the next day they issued a check not to mention I had all the correct banking information but they still decided to send it via check anyway & I've heard I'm not the only one they just decided to issue a check to just because so now I'm just waiting to receive it through the mail let's see how long this takes. LOL!
If the deposit was rejected by your bank for any reason the refund is converted to a check mailed to the address on the return. Incorrect routing/account numbers is just one reason for the reject. If you are not the owner of the account that can also trigger the reject and so can any limitations on the amount transferred if your bank has limitations. Contact your bank to see why the deposit was refused.