The Ultimate Glossary Of Terms For Various IRS Codes On Your Tax Transcript!!

1 year ago
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Video Summary:
The video explains various transaction codes and tax topics found on IRS transcripts for tax returns and refund statuses in this section. These codes include 150, 151, 152, 203, 420, 421, 570, 806, 810, 846, 898, 971, 1121, 1161, and 9021. The video explains what each code means, such as 150, meaning that the return has been filed and tax assessed, and 152, indicating that the return is under processing as per IRS guidelines. The video also advises what to do when codes like 151 and 1121 occur, as these may delay refund processing or require further review by the IRS.

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This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon.
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