11/02/2024
Please Read.. Might Be Helpful.
*THREAD UPDATES ADDED*
Hey all. Just wanted to post this here… I see a lot of repeated questions.
Just wanted to put some useful stuff here..
-If you are apart of the PATH Hold, you won’t see a DDD (Direct Deposit Date) scheduled prior to the lift which is typically around the 15th..As per the IRS website “Where's My Refund? should show an updated status by February 17 for most early EITC/ACTC filers. The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by February 27 if they chose direct deposit and there are no other issues with their tax return.”
-If you’re asking yourself “Am I a PATHER?” the following credits determine such: EITC (Earned Income Tax Credit) & ACTC (Additional Child Tax Credit)
-The CTC (Child Tax Credit) does NOT fall under PATH. So if you see people saying they got a DDD and they have Dependents, that’s DOESNT mean they have the ACTC or EITC. Everyone’s situation is different..
-“What is code 846? Why am I missing it on my transcript?”
Well, that means your refund has been issued. Next to that will be the DDD (Direct Deposit Date). KEEP IN MIND of you used the PAID Version of Turbo Tax and DID NOT PAY FEES UPFRONT, your direct deposit goes through a third party SBTPG (Santa Barbra Tax Products Group) and this will result in you getting your fund AFTER they take your Turbo Tax Fees… That includes if you typically get a DD up to 5 days early… In this case you will not get it that early.
-My IRS Tracker has the message starting with “To protect you from identity theft, your tax return is currently being reviewed….” What’s that mean?
In simple terms, you should look for a form in the mail… Read and following the instructions to prove your identity..
Will be updating frequently…
UPDATE:
-Please!!!!!! Block out any of your personal information.. Just looking out for all…
-ACCEPTED & APPROVED are two different things. So, when your refund is ACCEPTED, that means the IRS has received your return submission.. It doesn’t necessarily mean it’s been approved.. Typically, a return is accepted within 24-48 hours… APPROVED is when your return has been processed, all codes accounted for and your IRS transcript has a code 846 along with a DDD date.
-What is code 570?
Transaction code 570 means there is a hold on your account that's preventing the IRS from finalizing your refund. You should wait for the IRS to ask you for additional information.
-“I downloaded my transcript but no codes. What’s going on?”
Be patient, the IRS started accepting returns less than a month ago. Give it time especially if you filed like 3 days ago. Your refund will be processed; it just hasn’t been processed YET..
-What the heck is a cycle code? Is it important?
When looking at the last 2 digits of your Cycle Code, If it ends in 01, 02, 03, 04, your Transcript should update on a week day.. If it ends in 05, you probably have an account that updates weekly. Some, but few, that end in 05 could be daily.
It really isn’t important BUT, people (like ourselves) use it to check what day they should expect updates on Transcripts or WMR.
FROM IRS WEBSITE UNDER 3.30.123.4.9 (01-01-2024)
“IMF Cycle Date is a daily cycle designated by an eight-digit number indicating the year, the two-digit cycle number and the two digit number indicating the day of the week (YYYYWWDD). The following values for DD are defined:
a. 01 = Friday
b. 02 = Monday
c. 03 = Tuesday
d. 04=Wednesday
e. 05 = Thursday”
-“Will i get my refund in the As of date or processing date shown on my transcript?”
In simple, no. That is just a place holder and honestly means nothing. These dates can change. So please continue looking for you 846 when the time comes for your ACTUAL DDD.
-What is IRS Code 150?
A Code 150 means that the IRS has processed your tax return and added it to its main file. Your tax liability has been worked out, but you will get a refund if it comes out to be negative.
-What’s IRS Code 768?
Earned Income Credit
-What is PATH?
The Protecting Americans from Tax Hikes Act of 2015 (PATH Act), enacted on December 18, 2015, provides various measures designed to protect Americans against identity theft and tax fraud.
refunds with EITC and the Additional Child Tax Credit will not be released until after February 14.. The IRS releases all pending refunds February 15 and later
-What is the CTC & ACTC?
The Additional Child Tax Credit is the refundable portion of the Child Tax Credit. It can be claimed by families who owe the IRS less than their qualified Child Tax Credit amount. Since the Child Tax Credit is non-refundable, the Additional Child Tax Credit refunds the unused portion of the Child Tax Credit to the taxpayer….
For 2023, the Additional Child Tax Credit will refund eligible taxpayers up to $1,600. For 2024, it's $1,700.
To determine whether you're eligible for the Additional Child Tax Credit, you can fill out Schedule 8812 along with your Form 1040.
-What’s Code 810?
Unfortunately 810 means the IRS has found an issue with the tax filers return and has frozen any additional refund payments. Your IRS account is on hold and any scheduled refund payment will be held up until this is resolved.
The IRS next step is to generally issue a notice explaining why your account/refund is on hold and what additional information or action is needed from your end to process your return. This could also include additional identity verification of your income and credits…
Look for TC 971 on your transcript which will indicate a notice has been mailed to you..
-What is the AOTC (American Opportunity Tax Credit)? How do I qualify?
To be eligible to claim the AOTC, the law requires a taxpayer (or a dependent) to have received Form 1098-T, Tuition Statement, from an eligible educational institution, whether domestic or foreign.
Usually you get a 1098-T form from your institution by January 31st.
The form will have an amount in box 1 to show the amounts received during the year. But this amount may not be the amount you can claim.
To claim the full credit, your modified adjusted gross income (MAGI) must be $80,000 or less ($160,000 or less for married filing jointly).
You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.
Will PATH release on the 15th?
FROM IRS WEBSITE
“The C- freezes systemically release on February 15th for modules processed daily, and on the first Thursday after February 15th for modules processed weekly. If February 15th falls on a Thursday, both daily and weekly modules systemically release on the 15th. Module processing can be found in the upper right corner on Command Code (CC) IMFOL. Refer to IRM 21.4.1.4, Refund Inquiry Response Procedures, and IRM 21.4.1.4.2, Return/Refund Located, for more information.”
