I am assuming that you are referring to codes on your IRS transcript. In general, an IRS Code 150 on your tax transcript means the IRS has received and accepted your tax return. They are processing your tax return, but there is no refund date yet.
If you claimed the Earned Income Tax Credit (EITC) on your tax return, the IRS cannot issue refunds for tax returns that include the EITC or Additional Child Tax Credit (ACTC) until mid-February. Most EITC refunds are available by early March. This delay gives the IRS a chance to review returns for accuracy.
The delay is due to the PATH Act or Protecting Americans from Tax Hikes and it requires the IRS to hold refunds for returns claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until at least February 15.
If you have an EITC on your tax return, your IRS transcript will likely also show a Code 768. This code will appear when the credit is approved along with other codes such as Code 766, which indicates a refundable credit or a code such as Code 570 which indicates an additional liability pending/hold).
You can check this IRS link for the status of your refund Where’s My Refund?
Click here for Common errors for the Earned Income Tax Credit (EITC)
Click here for What is the Earned Income Credit? Find Out If You Qualify
Click here for What is the PATH Act and How May it Impact Your Taxes?
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