IRS transaction codes: How do I know when my return is considered finalized by the IRS?

[ItzRav]

I submitted my return electronically via TurboTax.  I had a small balance due (no refund).  On the IRS account website, it shows transaction codes 610 (payment with return), 806 (W-2 or 1099 withholding), and 150 (tax return filed).  It also shows a processing date of 3-30-2020.  But does the fact that it was "processed" mean that the IRS is completely done with the return, i.e. they consider it complete and correct and approved and they won't be doing anything further with it?  Or will there be any further transaction codes indicating when they are "done" with it?  Thanks.

[SusanY1]

The processing code indicates that the return made it through the general processing phase of the processing unit at the IRS and the data has been recorded in the IRS database.

It doesn't guarantee that the return will not be subject to review at a later date or mean anything other than the return has be recorded in the system.  It is just a "timestamp" of sorts for the return.

There isn't any notation on a transcript that will indicate that the IRS considers a return to be complete, correct, or "approved" - that sort of notation doesn't exist. 

All tax returns are subject to additional review within the statute of limitations for that return which is generally the later of three years from the date the return is filed or two years after the tax is paid. 

[ItzRav]

Thank you, SusanY1.  That makes sense.  It sounds, though, that for the time being, no further action is waiting on my return, correct?  I do understand that further action could be taken in the future if they decided for some reason to do an additional review.

[KathrynG3]

Yes, for now. Typically, submitted returns that are processed are accepted within 24-48 hours.

Click the link for more information: My return got accepted. What happens next?

@ItzRav