If you see an IRS Code 150 on your transcript, it means that the IRS has processed your return and determined what your tax liability is. This does not mean that you owe the IRS money. You can check your refund status at Where’s My Refund if you are getting a refund, or you can pay your balance due at IRS.gov.
What is IRS Code 150?
A Code 150 on your transcript means that the IRS has finished processing your return and determined your total tax due for the year. The IRS has also applied any credits on your account (such as federal tax withholding from your paychecks or estimated tax payments) to calculate your final balance due.
The balance on your account will include any adjustments that the IRS made after you submitted your return for incorrect information or calculations included on your return.
What Does the Date Next to Code 150 Mean?
The date next to Code 150 indicates when you initially filed the return. The date is not the date that the IRS finalized your return and sent it to the IRS master file.
The date next to IRS Code 150 is the date the return was originally filed because you get credit for filing the return on the date you submitted the return, regardless of how long it takes the IRS to process the return.
What Does the Cycle Next to Code 150 Mean?
The cycle next to Code 150 is an 8-digit code that indicates when the return was processed. The code is composed of a 4-digit year, 2-digit month, and 2-digit day.
For example, a code of 20220528 next to Code 150 would mean that your return was processed and sent to the IRS master file on May 28, 2022.
When Will My Refund Arrive?
The time it takes to receive your refund depends on how you elected to receive your refund. Paper checks from the IRS are usually received within 3-4 weeks of being issued by the IRS. Direct deposit refunds generally take 2-3 weeks to be received. You can see your expected refund delivery date by checking Where’s My Refund.
To check Where’s My Refund you’ll need to have your social security number, filing status (married filing joint, single, head of household, or married filing separately), and exact refund amount. The refund amount should be the amount you listed on your tax return, not the adjusted amount (if the IRS changed your refund).
If you requested a paper check for your refund and have not received it six weeks after the IRS issued the check, you can call the IRS and request a payment trace. The IRS will issue a new refund check if the original check was not cashed.
Daily vs. Weekly Processing Cycles
The IRS has two processing schedules for returns – daily and weekly. You can look at your previous year’s tax transcript to determine which schedule you are under. If you received your prior year’s refund on a Wednesday then you are on the weekly processing schedule. If your prior year’s refund was sent on a Friday then you are on the daily processing schedule.
For taxpayers who did not get a refund the prior year, you can call the IRS at 1-800-829-1040 to request further assistance on your account.
You may still need additional help with your return after seeing IRS Code 150 on your transcript. There are several options if you need more assistance with the return, your refund, or are questioning the balance due.
Call the IRS
To speak to an IRS agent, you can call the IRS at 1-800-829-1040. You should be prepared for long wait times due to IRS staffing issues. However, once you receive an IRS agent, they will be able to help resolve most issues over the phone.
Contact your local IRS office
If you need immediate assistance, you can visit your local IRS office. You must schedule an appointment to visit your local IRS office, but the onsite IRS agents can resolve most issues at your appointment. Even with an appointment, you will likely experience long wait times at the IRS office. You should bring a written explanation of why the IRS and supporting documentation to your appointment.
Contact the Taxpayer Advocate Service
The Taxpayer Advocate Service is an independent department within the IRS that works on resolving issues between the IRS and taxpayers. This can include advocating for returns to be processed or providing a more comprehensive update about the status of a return to the taxpayer. You can contact the Taxpayer Advocate Service at 1-877-777-4778.
Contact a Tax Professional
Tax professionals at Tax Shark can assist you with your IRS issues if you have been unable to resolve them yourself. Tax Shark offers specific engagements for reviewing IRS letters and resolving your issues.
Here are the answers to some common questions about the IRS Code 150.
The amount listed next to Code 150 on your transcript is the final balance due on your tax return. If the amount listed is negative, then you will receive a refund for that amount.
You need to establish an online account at IRS.gov to view your tax transcript. You will need to provide personal information to establish the account.
No. A Code 150 means that your return has been processed and added to the IRS master file. Your tax liability has been established, but if the liability is negative, then you will receive a refund.
No. Code 150 indicates that your return has been processed. If you have overpaid, you will receive a refund, and your tax liability will show as negative. If you have a balance due, Code 150 will show the final balance due.