Are you trying to understand what IRS code 290 means on your 2022 tax transcript? If that is the case, then no need to worry, as I have created this guide to assist you to understand in detail the 290 tax code on your transcript.
If you received IRS Code 290 Additional Tax Assessed on your 2021/2022 transcript, then there is no need to panic.
I hope you understand?
Here is why!
It is because there is really no cause for worry.
I have received myriad messages from some of our esteem readers who also got the code on their transcript.
Some of them took to Reddit and Quora for answers, and, in fact, I feel the frustration you must be going through if you are in a similar situation.
It doesn’t really matter if yours (stimulus check) contains an amount with the tax transaction code 290 or just $0.00.
The code could have many meanings.
Please kindly note that this guide is solely for educational purposes and we do not pretend to have any expertise in taxes, neither do we have any association or authorization with IRS.
That being said, do not rely solely on this guide concerning your taxes since every state has different regulations.
Recommended guide: Tax Transaction Code 766.
Definition Of Tax Code 290 According To Internal Revenue Service Master File Codes
According to the IRS Master File Codes, here is the meaning or definition of IRS code 290 on the 2021/2022 tax transcript:
Additional tax as a result of an adjustment to a module that contains a TC 150 transaction. TC 290 with zero amount or TC 29X with a Priority Code 1 will post to a —Lfreeze module.
Generates assessment of interest if applicable (TC 196). Releases the following freezes: O—Reactivated Account, —A Duplicate Return, —K Refund Hold, W—470 hold, —R 570 hold, —F Advanced Payment, —X Manual Refund, P—841/720, —G Math Error, —J Math Error/TDA, R— RPS, B— Subsequent Payment, —Q WPT, 680 Hold (See Freeze Code Section for specific conditions).
TC 290 with zero amount blocked 96X indicates a taxpayer penalty abatement request was considered and rejected. Reversal is TC 290 blocked 97X.
It can be used for Civil Penalty assessments on MFT 30, 55, and 13.
IMF: Additionally releases 680 hold and freezes for Invalid SSN or Account Reactivation.
Needs reason and source codes. May need priority and/or hold codes.
BMF: Releases freezes for 842. TC 290’s, MFT 10, Blocking Series 500-519 have been designated for FUTA use only.
A Reference Code of 998 or 999 is generated by BMF files respectively from Alpha Code “T” or “W” along with a valid state code on FUTA Adjustments. May need priority and/or hold codes.
IMF: If a TC 888 is input without a TC 886, and the Taxable Income (TXI) on the tax module is greater than .00, then the TXI is automatically adjusted by the TC 888 amount. The TXI on the module will not be adjusted below zero.
TC 290 blocked 180-198, 780-789, 960-969 or 980-989 (MFT 55: Blocking Series 530-539, 960-969, and 980 989. Exception: prior control is doc code 54 blocked 59X), will generate a CP55 Notice to Re-file Return.
Re: Form 1042, 290-to increase tax liability no reference number is used, 291-to decrease tax liability no reference number is used, 150-reference number “011” to update the gross income paid.
That is the main explanation from the Internal Revenue Service Master File Codes.
Does it really make any sense to you with code 290 on IRS transcript 2021/2022?
Do not worry yourself that much if it doesn’t at first glance.
We shall make it simple and easy for you in a minute.
What Does Tax Code 290 Mean On 2021/2022 Transcript?
From the above explanation of the IRS code 290 gathered from the master file codes, you can definitely see that there are several scenarios or situations where the 290 code will actually be issued.
But let me make it very easy for you to follow.
In simple terms, the IRS code 290 on the tax transcript means additional tax assessed.
It may actually mean that your Tax Return was chosen for an audit review, and for the date shown, no additional tax was assessed.
The tax code 290, “Additional Tax Assessed,” ordinarily appears on your transcript if you have no additional tax assessment.
Also, when you see the 290 code on your transcript, you must either have an amount next to it, or $0.00 will appear there.
How Does A Standard 2021/2022 Transcript With IRS Code 290 Look Like?
Usually, the 2021/2022 IRS tax transcript for someone eligible for tax stimulus checks will look something like the following:
Code Explanation Cycle Date Amount
290 Additional Tax Assessed 20211605 07-22-2021 $0.00
(dates shown may be a bit different if you truly got a check or a prepaid card rather than the direct deposit):
Please, you should note that the dates might be somewhat different in an actual situation, most especially if you got a check prepaid card either than a direct bank deposit.
Here is what you definitely need to know about the sample IRS tax transcript containing the transaction code 290:
The transaction code is 290.
The meaning of code 290 on the tax transcript is “Additional Tax Assessed”.
The 20211605 on the transcript is the Cycle.
From the cycle, 2021 is the year under review or tax filing.
The number 16 is the IRS Cycle Week.
Finally, the number 05 is the Processing Day of the week.
IRS code 290 with $0.00 essentially means a hold or freeze has been lifted.
Who Can Get Transcripts Online?
Mostly individuals.
The “IRS Get Transcript tool” is principally available only to individual taxpayers. For Business taxpayers, you can call the IRS representative on this phone number: (800) 829-4933.
Also, if you are a tax professional, then you may call the Practitioner Priority Service (PPS) on this line (866) 860-4259.
Select option 4 to request IRS transcripts.
What To Do With Tax Transaction Code 290 On Your 2021/2022 Tax Transcript Additional Tax Assessed?
For those of you who had IRS tax code 290 on your 2021/2022 transcript, we strongly suggest you contact the Internal Revenue Service representative for support.
The rep will be able to give you all the information you may need about your account.
Also, you can ask a reliable tax specialist who can actually evaluate all your tax documentation and gain a complete transcript from the Internal Revenue Service.
In most circumstances, you do not need to bother, especially if you have nothing amount in the money column of the transcript and all you have is $0.00.
That is virtually all you need to know about IRS tax code 290 on your 2021/2022 transcript.
Again, each circumstance is fact-specific, and it is practically impossible for anyone to assess any issue without a complete consultation and review of all the possible facts and documents at issue.
For code 290 on IRS transcript 2021/2022, I know you now understand the meaning: additional tax assessed.
This simple and easy article Was Last Updated on by Nana Abrokwa
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Thank you for the information. It was very clear and easy to understand.
Hey Carrie, we are happy to hear that it helped you. Do come back for more. Thank you.
so with the adjustment to tax return from 2020 due to paying taxes on the first 10,200 of Unemployment benefits we now have the code 290 additional tax assessed $0.00 but not showing a refund amount for the adjustment does that mean we will not see the refund of taxes that we paid on those benefits?
Thats what I would like to know mine was done back in July but I never got a refund kinda bogus I paid over $700 in taxes on unemployment
So mine showed number next to the date wich was August 8 2021 so does that mean I. Gonna be getting my refund
That’s my question..I have an actual amount of 3603.00 under the amount column. Not 0.00. Does that mean I’m getting a refund of 3603 or do I owe the irs 3603