Here is what IRS code 101 means on 2021 tax transcript

IRS Code 101 Meaning On 2023/2024 Tax Transcript

For those of you who received IRS code 101 on your transcript, here is the meaning.

Some people still keep wondering what code 101 on the IRS means.

If you are among these people, then you need not worry that much.

This is a short guide to explain what that means.

Recommended guide: Code 898 On 2020 Transcript.

What Does IRS Code 101 Mean On Tax Transcript?

According to the Internal Revenue Service Master File codes, here is what IRS code 101 means:

Revocation of Qualified Subchapter S Trust (QSST)“.

The IRS Tax Code 101 indicates revocation of an election to be treated as a QSST (Qualified Subchapter S Trust) beginning with the date specified in the transaction.

That is exactly what tax topic 101 means on the IRS transcript.

That is somewhat technical though.

For more information on the Election, Revocation, and Termination of Subchapter S Trust, please read this guide: https://www.taxnotes.com/research/federal/usc26/1362.

You can also read this guide to understand QSST so as to be better informed of the tax topic 101 on your 2021/2022 transcript.

See also: Meaning Of TC 290.

What Do I Do If I Have Code 101 On My 2021/2022 IRS Tax Transcript?

Now that you know the meaning of IRS tax transaction code 101, you should now understand why it appeared on your transcript.

If you are still confused as to why you received the code, it would be best to contact the Internal Revenue Service representative.

Check this also: What Does 971 Notice Mean?

How Do I Contact The Internal Revenue Service For Help?

The fastest and easy way to contact the IRS is by calling their official phone numbers.

Here are some of the Internal Revenue Service contacts you may call for any issues on code 101:

Here is the list of IRS phone contact numbers you can call if you need help with details on the transaction code 570 on your transcript:

1. For Difficulty Hearing

Phone Number: 800-829-4059

2. Estate and Gift Taxes (Form 706/709)

Phone Number: 866-699-4083

Contact Hours: 8 am to 3:30 pm Eastern time

3. Businesses Who Want To Contact Them

Phone Number: 800-829-4933

Contact Hours: 7 am to 7 pm local time

4. Individuals Who Want To Contact Internal Revenue Service 

Phone Number: 800-829-1040

Working Hours: 7 am to 7 pm local time

5. Contact The IRS For Non-Profit Taxes

Phone Number: 877-829-5500

Contact Hours: 8 am to 5 pm local time

6. How To Contact Internal Revenue Service For Excise Taxes

Phone Number: 866-699-4096

Contact Hours: 8 am to 6 pm Eastern time

That is all you need to know about IRS code 101 for now.

Here are some useful tax guides you may like: 9021806, 599, 826, 152, 960, 150.

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