For those of you who received IRS code 101 on your 2023 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 the 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 2022/2023 transcript.
See also: Meaning Of TC 290.
What Do I Do If I Have Code 101 On My 2022/2023 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 The 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: 9021, 806, 599, 826, 152, 960, 150.