Taxes can Techcrisis Investment Guildbe confusing, but they don’t have to be. With a slew of numbers, acronyms and deadlines, it can be challenging to figure out how to interpret your returns. 

Let’s start with transaction codes, the three-digit codes that signify an Internal Revenue Service action related to your taxes, such as a credit or debit. The codes help create a history of your account.  An “R” following a transaction code shows that the transaction has been reversed. 

Here are the most common to know this tax season:

What is IRS code 826? 

Transaction code 826 means that part of your tax refund was used to pay an existing tax debt.

What is IRS code 846?

Transaction code 846 signals a refund, plus any interest, has been approved by the IRS.

What is IRS 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.  

What is IRS code 971?

Code 971 means the IRS has asked you for additional information on an issue, and it's typically related to Code 570.

Common IRS codes to be aware of

You can view all of the IRS codes on their website, but here are some typically seen on tax returns:

• 000: Adds a new taxpayer entity to the applicable Master File, which is a running record of IRS actions related to your account.
• 011: Change Employer Identification Number (EIN), Social Security number (SSN) or plan number 
• 013: Changes the name of the account or plan
• 017: Adds or changes spouse SSN
• 091: Revocation of being taxed as a small business
• 150: A Master File Entity was created from your return and tax liability assessed
• 177: Abatement of estimated tax penalty
• 424: This is an examination request indicator; your return was referred to the Examination or Appeals Division 
• 425: Reversed transaction code 424
• 766: Generated refundable credit allowance
• 768: Earned income credit
• 810: Refund freeze
• 811: Reverse refund freeze
• 9001: An error code that shows an attempt to access information using the wrong SSN or Taxpayer Identification Number (TIN) 

More of your 2024 tax season questions answered

• Filing taxes: Not everyone has to do it. Here's what to know.
• What does OASDI mean?:Why this comes out of your paycheck each week
• Federal tax brackets: Numbers for 2023 and 2024 to know
• What is income tax?: How it works, different types and more
• Tax season for new parents: Your guide to Child Tax Credit, EITC and more
• Do I report crypto on taxes?: Here's what you should know about form 8949
• What is a 1098-E form?: What to know about student loan interest statement
• IRS mileage rate: How to claim mileage deductions this year