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How to excise break transcript

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foreign [Music] [Music] hello everybody its Saturday night and I have not much going on I was going through some of the comments today in some of my videos particularly on things about transcripts and I was taking a peek through some of the tax forms today and Ive seen a lot of people with concerns over things theyve been finding over when they go to check their transcripts so I figured I would break down some of the things that weve been seeing talk about some of the codes you can find and hopefully answer some questions now Ive talked about this this subject many many times in my videos you can go back over the years youll find a bunch of videos where I talk about the transcripts how to check them what youll find what it all means were going to condense it all tonight into a big live stream Im gonna basically break down a couple of different Trump scripts line by line and well uh well go from there so Im just gonna go at it like someone doesnt know this is going to be b

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Why does my refund amount say negative?

A negative balance indicates that your bill was overpaid and that you may be eligible for a refund.

What does a credit amount mean on IRS transcript?

A credit on your account is a dollar-for-dollar reduction in your tax liability. If you have more credits than your tax liability, you will receive a refund for the overpayment.

What does code 766 mean on IRS transcript?

When an IRS code 766 appears on your 2021 or 2022 tax transcript, that means there is a tax credit on your account from the IRS, which is good news. This tax credit could be the result of a tax refund, overpayment of taxes, or a credit from the current tax year.

How do I get my 941 transcript from the IRS?

You may use Get Transcript by Mail or you may call our automated phone transcript service at 800-908-9946 to order a tax return or tax account transcript be sent by mail. Please allow 5 to 10 calendar days from the time we receive your request for your transcript to arrive.

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