Most Americans know how to interpret IRS Code 826 on their tax transcripts. Suppose you are among the few who don’t, then read through this guide to learn.
To better understand your tax transcript and the stages of return processing and evaluation, you need to learn about the IRS codes.
The codes are listed in your transcripts, and each of them carries a specific message to the taxpayer.
IRS Code 826
IRS code 826 means overpayment transferred through which refund will be used to pay old debts like the student loan or child support and other loans accrued.
An example is if you get a student t loan while in school and never clear up for it, your tax refunds will be used to pay all the debts accrued.
This may leave you with nothing at hand when all debts are cleared.
Code 826 also means a computer-generated debit for the amount of overpayment credit transferred to another tax module within your account.
What To Do After You View IRS Code 826 On Your Tax Transcript
You don’t have to do anything about this code as it clears by itself.
All you can do is contact the IRS representative to get clarification about the code.
The representative will clarify the debts that have been cleared and your return balance if there are any.
This is what to do when you view code 826 on your tax transcript in the US.
Do I Need To Worry About Code 826
There’s no reason to get worried when you see this code on your tax transcript.
The code indicates that your tax returns have been deducted to repay your previous debts.
These are the debts that you had accrued in the past and failed to repay or clear completely.
This is all you need to know about IRS code 826 on your tax transcript in the US.
This simple and easy article Was Last Updated on by Nana Abrokwa
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