Chances are that you are looking for what IRS code 170 means on the 2023 tax transcript. If that is the case, then you are in the right place.
This article focuses on what code 170 means on the IRS tax transcript.
Please note that this article focuses on the tax transcript and not Section 170 of the IRS code.
Section 170 of the code is about charitable donations.
That is not the main focus of this guide.
The main objective of this guide is to explain in detail what the IRS tax transcript code 170 means.
Please note that this post is purely for educational purposes and does not claim to have any tax expertise. Neither do we have any authorization or association with the IRS.
That being said, you should not rely solely on this guide concerning your taxes since each state has different laws.
The Actual Meaning Of IRS Code 170 According To The Pocket Guide
According to the Internal Revenue Service Pocket Guide, code 170 means Estimated Tax Penalty.
That is the broad meaning of the tax transaction code 170.
Though this is self-explanatory, let us take a closer look at what it means in detail.
What Does Tax Code 170 Means According To The IRS Master File Codes?
Below is the detailed meaning of the IRS tax transaction code 170:
Computer-generated self-assessment from Tax Code 150 or manually assessed. ES penalty for failure to make adequate ES payments. Applicable to Form 990C, 1040, 1041, 990T, 990PF, and 1120, except on Adjustment or Revenue Receipt input.
That is the explanation given to the tax code 170 according to the Master File codes of the Internal Revenue Service.
What To Do If I Have An Estimated Tax Penalty On My 2022/2023 Tax Transcript?
Most people get frustrated when they see code 170 on their tax transcripts. But that should not be the case.
Here is what you need to do if you are affected.
Please kindly contact the Internal Revenue Service representative for further details in your particular circumstance.
That is all you need to know about the IRS code 170 on the 2022/2023 tax transcript.
Here is the list of other IRS codes and their ultimate guides:
Please go through the above tax code lists and find detailed information about each one of them.