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What does IRS Tax Transcript Code 846 on your tax transcript mean?
Tax transcript code 846 on your IRS tax transcript is a transaction code that indicates the refund issued or applied to your tax account. It means that the IRS has processed your tax return and approved your refund. Code 846 indicates the date that the refund was issued and the amount of the refund.
Code 846 typically appears alongside a transaction date and a dollar amount, which represents the refund you are entitled to receive. The amount will reflect any overpayment of taxes you made during the tax year, and the IRS is now returning that excess amount to you.
If you see code 846 on your tax transcript, it means that your refund has been processed and you can expect to receive the refund soon. The time it takes to receive your refund will depend on how you requested your refund, whether you chose direct deposit or paper check, and any issues that may arise with your tax return.
It is important to note that while code 846 indicates a tax refund, it does not provide specific information about the reason for the refund or any changes that may have been made to your tax return. The IRS can use any refund to offset other taxes or debts you may owe. If you need more information or have questions about a specific return, we recommend that you contact the IRS directly or consult with a tax advisor who can assist you based on your individual circumstances.
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