Don't panic, these master codes are for the IRS and may have no consequence to you.
The IRS uses an electronic system to check and process tax returns. Even paper returns are uploaded into the system called the Master File. As a tax return is processed, there are transaction codes added to it to indicate changes. Many of these changes don't mean anything of real consequence to you. They are used to keep an accurate record of changes in the tax return from year to year. Other codes can be of some significance if the IRS has adjusted your return.
- Code 150 - Means that your return was filed and your tax liability was established,
- Code 806 - Means that there was a credit for Withheld Taxes & Excess FICA,
- Code 766 - Means that IRS TOP Offset a Reversal
If you need to do anything the IRS will let you know. You may contact the IRS to get a clearer picture of when you will receive your refund by calling 1-800-829-1040 between 7 am - 7 pm.
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