1 year, 4 months ago-
What does IRS Tax Transcript Code 766 on your tax transcript mean?
Tax transcript code 766 on an IRS tax transcript refers to a “Credit to Your Account.” This code indicates that the IRS has made a payment or issued a refund that has been credited to your tax account. It could be a result of various reasons, such as an overpayment of taxes, a refund due to an amended return, or a payment made toward a tax debt.
If you see code 766 on your tax transcript, it typically indicates a positive adjustment to your account. It means that the IRS has made a credit entry, increasing the balance or reducing any outstanding amount you owe. In most cases, this is a favorable indication that you have received a refund or a credit toward future tax obligations.
However, it’s important to review your tax transcript in its entirety to understand the context and details of the specific transaction. It’s recommended to consult a tax professional or contact the IRS directly for further clarification or assistance regarding your tax transcript and the associated code 766.
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