IRS Transcript Analysis Demo

Based on your IRS transcript analysis, there have been several significant adjustments in your favor, resulting in a refund of $14,757.00. Here's a detailed breakdown: 1. Tax Assessment Reduction (Code 291): - A substantial reduction of $14,757.00 in your previously assessed tax was applied on April 22, 2024 - This represents the primary component of your refund 2. Penalty Adjustments (Code 277): - Late payment penalties have been reduced by $2,054.49 - This adjustment was processed on April 22, 2024 - This reduction indicates a successful penalty abatement 3. Interest Charges (Code 197): - Interest charges of $1,857.85 have been removed - This adjustment was also processed on April 22, 2024 - Current accrued interest stands at $989.65 as of March 11, 2024 4. Credit Transfers (Code 706): - Two significant credits from Form 1040 were applied: * $7,805.58 on April 15, 2023 * $7,577.38 on March 11, 2024 - Total credits applied: $15,382.96 Current Status: - Your return is being processed in cycle 20241505 - Filed status: Married Filing Joint - Adjusted Gross Income: $125,450.00 - Taxable Income: $98,750.00 - Current accrued penalties: $586.79 Next Steps: - Your refund is currently in the Processing stage (5 days) - Expected processing time: 2-3 weeks - 98% of similar refunds are processed within 21 days - No immediate action is required from you at this time All adjustments appear to be in your favor, with no outstanding issues requiring attention. The transcript shows successful resolution of previous tax obligations through a combination of assessment reductions, penalty abatements, and credit transfers.