A cycle code is an 8 digit code found on your account transcripts. The cycle…
The IRS transaction code 806 will appear on your tax transcript to show the total amount of federal income tax withheld from your paycheck throughout the year that was reported on forms W-2 and 1099’s.
Once your tax return has been accepted by the IRS and added to the IRS Master File for processing. The IRS transaction code 806 will appear on your tax transcript to show the total amount of federal income tax withheld from your paycheck that was reported on your tax return.
According to the official IRS master file codes, the transaction code 806 is a credit. This means it credits the tax module for any withholding tax and any excess FICA claimed on a 1040 or 1041 tax form.
The date next to the Tax Transcript Code 806 is the effective date of the transaction on the tax account.
This amount indicates the total tax withheld of $4,176.00. And the minus sign in front of the amount -$4,176.00 represents the credit on your tax account.
You will need to watch your tax account transcript frequently and follow the EXPLANATION OF TRANSACTIONS section on your tax account transcript and wait until you see the 846 Refund issued transaction code to post on your transcript, indicating that you will be getting a refund and your direct deposit date has already been determined. The date next to the 846 Refund Issued is when the IRS should send your tax refund to your financial institution.
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