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Level 1

Solved

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?

Forum|Forum|7 years ago
June 5, 2019
10 replies
3 views

No text available

Best answer by DianeW777

A negative on the transcript means that a refund is due on the return, it does not indicate when a refund is on its way or when it will be received. This doesn't indicate or answer the question whether it will be used to pay off a past due debt.

If you are concerned about whether your refund will be used for any past due debt you can call the Bureau of the Fiscal Service (BFS).

Contact the BFS's Treasury Offset Program (TOP) call center at 800-304-3107 or TDD 866-297-0517, Monday through Friday 7:30 a.m. to 5 p.m. CST. Contact the IRS only if your original refund amount shown on the BFS offset notice differs from the refund amount shown on your tax return.

rickw7237

Level 2

I lost $$$$ on the Federal but came out ahead on the other I came out ahead on both state forms with an overall result to the good..

DianeW777Answer

Level 15

If you are concerned about whether your refund will be used for any past due debt you can call the Bureau of the Fiscal Service (BFS).

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Mtott805

Level 2

Did you ever figure out what this meant? Having the same problem this year

Cynthiad66

Level 14

Check the codes. Code 846 means refund.

On a Return Transcript there is a line that says REFUND AMOUNT and -$XXXX and yes that is your refund amount.

On an Account Transcript you will see lines such as:

764 Earned income credit followed by -$XXXX and that is the amount of your refund from the EIC

846 Refund Issued followed by -$XXXX and this is the amount of your final refund.

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shannonhumphrey11

Level 2

I am having a similar situation, but mine two amounts

one part says Bal Due/Over Pymnt using TP fig per computer -xxxx

Then right under that it says the samething but a different amount -xxx

does this mean I get both amounts or what

Critter-3

Level 15

Look at the form 1040 and the transcript side by side so you can better understand what the amounts represent.

4CHASITY

Level 2

What’s 766 means in transcript

Critter-3

Level 15

https://thetransfercode.com/irs-code-766/

DHeath1986

Level 2

My transcript updated today shows refund issue for the amount from my 1099 but it’s not giving me my EIC or CTC but it still shows. In my account balance as a negative amount is anybody have a similar issue for my refund due it shows 2/24/2022 which I wasn’t even expecting really anything till March like last year I claim 2 dependents both my son's claimed my 6 year old for 5 years( his mother claimed him once ) and my 3 year old for all 3 years

tmunoz

Level 13

The IRS is processing many returns but there have been many changes in the last year and some of them are slowing down some of the returns. It sounds as if you are tracking your refund with the IRS Where's My Refund tool. Here is an IRS page with additional information about what to expect. IRS Refund information

If your return with a refund claims an Earned Income Credit or Additional Child Tax Credit, it would not have begun processing until at least February 15th. This is part of the PATH Act. If your return contains either of those credits, you can find more information at this IRS website. It currently says returns that are otherwise clear to refund should be refunding by March 1st. IRS refund processing dates EIC and ACTC

DHeath1986

Level 2

Nope the WMR just says processing everything I provided in my post came from my IRS account viewing my transcripts if your response was to me if ment for another sorry disregard unless anyone had input

DMADISON1015

Level 2

Mines the same except the negative numbers are the same soo confusing! Any update on yours?

fanfare

Level 15

just look at the account balance at the top of page 1.

a minus sign indicates your refund.

Kejuanna40

Level 2

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

CortKK

Level 2

Oh my goodness thank the Lord I dug into some information based on someone's comment on Facebook regarding the message I get when I go to where's my refund the bar disappeared and now it just says your return is being processed and there's finally my transcripts available so I think that means I should be getting my refunds soon but it said negative $3875.00 I And I was worried that it meant that they were taking it but I have no idea why because I've never owed them anything so I am glad to hear that this means it is a credit and that they owe me and that is my refund I was stressin man!!!

Sydbug2000

Level 2

Okay so my account has two valences. the top one is what turbo tax said my refund was and the bottom one is about 2,800 less than what i am supposed to be getting. does this mean i did my taxes wrong?? turbo tax said it was accepted but still waiting for where my refund to update

Critter-3

Level 15

Look again ... that 2800 was the stimulus credit which is part of your refund if you didn't get in in advance. If you did then the refund will be reduced by that same 2800.

Jopanica86

Level 2

What it mean when it desaturated credit to ur acc but with a minus sign

CarissaM

Level 15

For any questions regarding the transcript, please follow the instructions here to contact the IRS. @Jopanica86

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tolex244

Level 2

A negative on the transcript means that a refund is due on the return, [removed link} does not indicate when a refund is on its way [removed link] or when it will be received.