What does reference number 1242 mean with the IRS?
1242 – Electronic return received more than 3 weeks ago; –E Freeze; in review, notice for additional information will be received. 1261 – Paper return received more than 6 weeks ago; –Q Freeze; in review, notice for additional information will be received.
What happens when tax Topic 151 Reference 1242?
What do tax topic 151 and reference 1242 mean? Tax topic 151 means you have a tax refund offset. Reference 1242 means your refund is frozen and the IRS needs more information from you.
Does tax Topic 151 mean audit?
Tax Topic 151 means your return is under review. There are numerous reasons the IRS may review your return including but not limited to credit claims such as Earned Income Credit or the Education Credits.
What does code 151 mean?
Code 151 means IRS is reviewing your return. There is nothing you need to do right now. IRS will send you a letter of explanation in approximately 4 weeks.
What does 151 take action mean?
It can be alarming, as the notice often says to take action immediately. If you’ve received this notice, it means that your tax refund is either being reduced or withheld entirely by the Department of Treasury so that they can use it to pay for things that they believe you owe.
What is Code 151 on tax transcript?
Transcript Code 150 vs Tax Topic 151 and 152
This line represents your liability to the IRS, based on your filing. It does not include your refundable credits, shown via the 766 the 768 – Earned Income Credit (EITC) codes. If the number on your the 150 code line is positive, means you owe the IRS money.
Where’s my refund take action 151?
Tax Topic 151 means your return is under review. This can be done for various credit claims such as Earned Income Credit or any of the education tax breaks (this is not all inclusive). Your best bet it to wait until the IRS contacts you via letter which can take up to 4 weeks or more to receive.
Should I Worry About tax Topic 151?
IRS Topic 151 FAQs
Here are some frequently asked questions about IRS Tax Topic 151. Should you worry about Tax Topic 151? No. Instead, wait until you receive the second notice so you’ll know how to move forward.
What is code 151 on tax transcript?
What is 151 appeal rights mean?
If you’ve received this notice, it means that your tax refund is either being reduced or withheld entirely by the Department of Treasury so that they can use it to pay for things that they believe you owe.