Chances are that you have IRS tax transaction code 846 on your transcript either from 2019, 2020, or most likely 2021.
If that is the case, then we have created this guide to help you understand what code 846 refund issued means on your 2021 tax transcript.
If you have IRS code 846 on your tax transcript, then you most definitely have a date on it.
But what exactly does that mean.
Recommended guide: Tax Topic 152.
What does code 846 mean on IRS transcript 2020?
In simple terms, the IRS code 846 means a refund has been issued. The tax code comes with a date and cycle code that indicates when you should receive the refund.
So, in essence, code 846 refund issued 2021 on tax transcript is a refund of overpayment of taxes or any interests due you.
See also: Code 971 On Transcript.
What Does Refund Issued Mean According To IRS IRS Master File Codes
The short definition of this code is Refund of Overpayment.
Here is the detailed explanation of code 846 on transcript 2020 for stimulus according to the IRS Master File codes:
Debits the tax module for the amount of overpaid tax (plus applicable interest) to be refunded to the taxpayer
Related article: 960 Appointed Representative Meaning On Transcript.
Does code 846 mean direct deposit?
If you got IRS code 846 refund issued 2021 on your tax transcript, then what it means is simply a refund to be issued.
It doesn’t necessarily mean a direct deposit into your account.
In any case, not all refunds are deposited directly into the taxpayer’s bank account.
You may have other ways of claiming the refund.
Check this: Meaning Of Error Letter 9021.
What Does Cycle Date On Transcript With 846 Refund Issued Mean?
Here is what the cycle date on the IRS tax transcript means:
For example, if you have 846 Refund Issued (Overpayment) 20211905 07-25-2021 $500.00
(dates shown might be different if you actually got a check or a prepaid card instead of direct deposit):
Please note that the date might be different in a real situation, especially if you got a prepaid card or a check either than a direct deposit.
Here is what you need to know about the sample IRS tax transcript with the transaction code 846:
The transaction code is 846.
The meaning of code 846 on the tax transcript is “Refund of Overpayment“.
The 20211905 on the transcript is the Cycle date.
From the cycle, 2021 is the year under review or tax filing.
The number 19 is the IRS Cycle Week.
Finally, the number 05 is the Processing Day of the week.
This simple and easy Banking and Finance Guide Was Last Updated on 18th July 2021 by thetransfercode
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