This typically occurs when they are waiting for additional. 1. Hi. What Is IRS Reference Number 1242? IRS Reference Number 1242 is a code the IRS uses to notify you that your return has been selected for review. There are numerous reasons the IRS may review your return including but not limited to credit claims such as Earned Income Credit or the Education Credits. to 7 p. The first Tax Topic 151 letter you will receive is simply a courtesy notification. The Short Version. This can or cannot result in more investigation by the IRS. You can check the status of your 2022 income tax refund 24 hours after e-filing. Your account and any refund related processing will have being frozen (protocol encipher 810) before further review. What the IRS needs from you if you received an IRS audit notice CP75 or CP75A requesting supporting documents. Should I be concerned if I see Reference Number 1242 on an IRS notice? No, seeing Reference Number 1242 on an IRS notice does not necessarily. What is reference number 1242 mean with the IRS? With the IRS, the reference number 1242 means that the IRS put a freeze on your account. So my return was accepted 1/22, I talked to the irs monday and they first said they needed 1098t, then said it was an aca issue and ill here more next week. If we need more information to process your return, we'll contact you by mail. how to charge citrine; black owned spas in raleigh, ncI has been seeing a lot of worrying comments from books around tax transaction and select codes they are seeing on the IRS Location lives My Refund web, the IRS2Go mobile app or on their (free) IRS trial. 2013 taxes? How to get admit card of mts postal exam if reference number is forgot? Forgot my dstv customer number. Filed on 2/15 — form 1040 with $5,272 refund claimed ($2,215 withholdings + $3,057 EITC) Received partial refund 3/24: $2,215 (i. IRS Hours of Service: Monday through Friday, from 7 a. Request for Taxpayer Identification Number (TIN) and Certification Form 4506-T; Request for Transcript of Tax Return. IRS Reference Code 1242 | You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS. What does IRS reference number 9021 mean?The IRS can enact it for a number of different reasons. 1242 irs reference number. gov website the dialogue box showing my status had completely disappeared and there are no notices or letters in my inbox. When the IRS opts to take a closer look at your tax return, that can only increase your anxiety level. Ask Your Question Fast! Categories. . The Social Security Number, Filing Status, and refund amount claimed on your return. This can or cannot result in more investigation by the IRS. Best topic for evs seminar a. TurboTax security and fraud protection. What is reference number 1242 mean with the IRS? With the IRS, the reference number 1242 means that the IRS put a freeze on your account. Your return will remain frozen in the IRS’s system until the review process is complete. TaxAudit deals with the IRS and state taxing authorities, so taxpaying individuals and small businesses don’t have to. Your email address will not be published. Unemployment Benefits and Taxes. This typically occurs when they are waiting for additional. Irs site that explains tax refernce code 9001 Irs code 9001 facebook Reference number 1242 irs Ref 9001 whers my refund Community Experts online right now. Those people have had their returns held and their returns are under review. 151, Your Appeal Rights. Reference Number 1121, referenced in your account transcript or WMR/IRS2Go app, generally. This typically occurs when they are waiting for additional. Receivables Assistance. Add an answer. 1, Return Not Found. 2004 bennington pontoon models; similarities between city and village life; kimberly daugherty parents; is david kerley still with abc news; who played karen wexler on general hospitalHere is the correct answer for IRS reference numbers. IRS reference number 1242 indicates a discrepancy and the account is frozen pending review of supporting documentation from the taxpayer or third parties. Ask for FREE. To find out what the reference number of 1242 for topic 151, you will need to contact the Internal Revenue Service. Ask Your Question Fast!. Saying that is under review and to call a number with an extension and to tell the IRS reference number 1242. 1. [phone number removed] Irs Offset, to see if you owe anything. Tax topic 151 reference number 1242 Irs reference number 1242 Irs gov tax topic 151 Tax topic 151 turbo . Okay. This typically occurs when they are waiting for additional. I checked the IRS "where is my refund" for you. Track my refund states topic 151 1242 code what's this mean turbo tax has yet to notify me off this? Community Discussions Taxes After you file hollywoofspetspa New. Pay your taxes. This typically occurs when they are waiting for additional. Some of the IRS reference numbers are 1541 refund froze, 1301 return was filed. The Taxpayer Advocate Service may be able to help once you have tried getting your refund. 3. Wait for further notices from the IRS , if there`s any. This typically occurs when they are waiting for additional information from you. Ask Your Question Fast!. What does the IRS reference number 1242 mean? With the IRS, the reference number 1242 means that the IRS put a freeze on your account. Community Experts online right now. Need help. Topic No. A time of the day does not matter when a refund is processed. What is reference number 1242 mean with the IRS? With the IRS, the reference number 1242 means that the IRS put a freeze on your account. In most instances, an IRS CP05 Notice. irs reference number 1242. This typically occurs when they are waiting for additional. What does reference number 1242 mean at the IRS? Electronic return received 1242 – Electronic return received more than 3 weeks ago; –E Freeze; in review, notice for additional information will be received. The selection process for Code 1242 reviews is random. Irs reference 1242 It means that an electronic tax return was received over three weeks ago but that it is being held for review. 2. The 1242 reference code is usually used when the IRS is requesting more information. long story short we are fucked , it means we are under review, last two years in a row i had to submit so much info from school bus stop info to doctor records, receipts etc proving my child is. Request for Taxpayer Identification Number (TIN) and Certification Form 4506-T; Request for Transcript of Tax Return Form W-4; Employee's Withholding Certificate Form 941. We changed your return. The IRS will contact you when the return is processed. irs reference number 1242; irs reference number 1242. IRS reference number 1242 is a generic code provided by the IRS to indicate that there is an issue with a taxpayer’s return. This typically occurs when they are waiting for additional. when reviewing the account transcrips it shows i have a freeze. IPU 23U0220 issued 02-03-2023. I prepared my taxes through FreeTaxUSA, one of IRS's free tax file partners. That the TC766 is posted means the return has also posted (TC150), so now you're waiting for exam to decide whether or not to formally audit your return. Ask for FREE. Request for Taxpayer Identification Number (TIN) and Certification Form 4506-T; Request for Transcript of Tax Return Form W-4; Employee's Withholding Certificate Form 941. You’ll get a CP05A or CP05B as a follow-up with further instructions. The selection process for code 1242 reviews is intended to be random. m. Go to IRS r/IRS • by avss56. m. Call: 1-800-829-0582, when asked for an extension, enter 362. 4. What is reference number 1242 mean with the IRS? With the IRS, the reference number 1242 means that the IRS put a freeze on your account. New Member Mark as New. Call: 1-800-829-0582, when asked for an extension, enter 362. What is reference number 1242 mean with the IRS? With the IRS, the reference number 1242 means that the IRS put a freeze on your account. 8, -E Freeze Yes for 4-5-2021 I was assuming it was the letter saying I already received the eip3. After waiting for months without receiving any letters my transcript finally updated and they gave me the code 810 which is when they hold/freeze your refund. IRS Reference Number 1242 is a code that the IRS assigns to certain documents or transactions related to tax matters. What is reference number 1242 mean with the IRS? With the IRS, the reference number 1242 means that the IRS put a freeze on your account. m. 1 second ago. The IRS works with taxpayers to try to settle tax disputes in an effort to avoid court proceedings through an administrative appeals process. In most instances, an IRS CP05 Notice is issued in which the IRS notifies the taxpayer in wri. Many Americans rely on their tax refunds to make ends meet, and an unexpected Tax Topic 151 notification can be quite financially unsettling. Ask Your Question Fast!Tax topic 151 reference number 1242 Irs reference number 1242 Irs gov tax topic 151 Tax topic 151 turbo . 1. these-things-happen • 2 yr. 1121 - Problem identified; P-Freeze (We've discovered that this is typically a typo on the return) 1141 - Refund delayed liability on another account ( this means you owe a government entity money) 1161 - Refund delayed, bankruptcy on account. ∙ 2008-08-07 21:08:07. I was also told my return is being reviewed tax topic 151 and reference number 1242. Want this question answered? Be notified when an answer is posted. Then says tell tax operator reference number 1242 Code 1242 simply means that your return was e-filed at least 3 weeks ago, and your refund is frozen while the IRS asks for more information. You will get a letter in the mail explaining what all this is, but if your don`t want to wait for the letter you can give the IRS a call. Copy. It can get overwhelming fast, especially if your long-awaited tax return doesn’t show up. . What is IRS reference number 1091 mean? Wiki User. m. We help you understand and meet your federal tax responsibilities. 01 Most Liked. From top menu, click on “request & enquires” tab and scroll down to more option. I have reference code 1242 on my tax return? When i checked my refund status it say code 1242, what is irs code 1242 means? Anyone have code 1242 and no letter. What Does IRS Reference Number 1242 Mean. Ask Your Question Fast!Tax topic 151 reference number 1242 Irs reference number 1242 Irs gov tax topic 151 Tax topic 151 turbo . The world will be end at Dec 12, 2012 like the Bibles had. 4, Refund Issued But, Lost, Stolen, Destroyed or Not Received 1101. The code number 1242 means there has beed a shorter delay. Want this question answered? Be notified when an answer is posted. Brownsville tn. The IRS works weekends during tax season, so it's 21 days, not "business days". What does IRS reference number 152 mean? Wiki User. Add an answer. 1241 – Paper return received more than 6 weeks ago; in review, notice for additional. Spoke to rep and said i have to wait for letter in the mail. Want this question answered? Be notified when an answer is posted. Correct_Clothes_1233 • 5 mo. That IRS tax code only means your tax return is being processed. This typically occurs when they are waiting for additional. The Internal Revenue Manual refers to them as “interim letters” (IRM 4. 0 383 Reply. There should be no cause for worry. This happens when there are back taxes owed. The IRS will notify you within 60 days if it needs more information. Wiki User. 3. The TC420 is an examination indicator. 21. gov. Ask questions and learn more about your taxes and finances. March 4, 2023; total cereal substitute; Posted by; deniece williams husband brad westeringarchewell foundation how much goes to charity. The partial refund may only be the withholding you claimed on the return. This typically occurs when they are waiting for additional. - Reference number 1242 to the irs customer service representative. Back to undefined Community Call Now Christy Purvis June 23 at 7:39 AM. 1242 irs reference number. Your refund may be delayed if your return needs corrections or extra review. If taxpayer filed a Form W-7, Application for IRS Individual Taxpayer Identification Number, with their return, see IRM 3. 6 (5) - Updated Note with correct IRM reference. These four-digit numbers can indicate anything from fraud suspicion, like Reference Number 1242, to clerical errors, such as Code 9021. October 10, 2022 12:48 PM. 13, IRC 965 - Transition Tax Procedures - Accounts Management, for more information. The role of the IRS Independent Office of Appeals (Appeals) is to make an independent review of a tax dispute and to consider the positions taken by both the. Thank you. TurboTax en español. 1242 – Electronic return received more than 3 weeks ago; –E Freeze; in review, notice for additional information will be received. In most instances, an IRS CP05 Notice is issued in which the IRS notifies the taxpayer in writing that their return is on hold and under review. Receiving a notice that your tax return is under review does not necessarily. Check Cashing Options. Reference numbers 109, 110, 112, or. Ask Your Question Fast!146. . only to come back and say wait for a letter 30 days from 04/08. View solution in original post. email Return to Login. Ask for FREE. IRS Reference Number 1242 – IRS CP05 & CP05A Notices. The Social Security Number, Filing Status, and refund amount claimed on your return. What does the IRS reference number 1081 mean? Wiki User. A copy of your tax return. You will generally see these codes on your tax transcript (under the Explanation of Transactions section) once your return has been through initial system. 📣 Request Answer. Please allow 3 or 4 days after e-filing your 2020 and 2021 tax year returns. Step 3: Now from list of different option, click on ‘status enquiry’. Community Experts online right now. What is reference number 1242 mean with the IRS? With the IRS, the reference number 1242 means that the IRS put a freeze on your account. Bookmark Icon. 0 coins. I call (previous to using this service, still waiting on my call) and everytime they hang up saying its an invalid code to put. The TC 971 notice is probably the CP75: Material Changes. On top of that, it will be frozen until the entire review process has been completed. That's it! The IRS has given guidelines this year that 90% of tax filers should receive their refund within 21 days of filing. It has been over 6 weeks since filing our taxes online, irs refund site STILL says processing. 1. I have reference code 1242 on my. Well I haven’t seen any movement with people claiming those credits at all someone posted a letter on FB from Irs asking for supported documents they needed so idk . This IRS notice will also generally say the IRS needs an additional 60 days to review your return and/or process your refund. IRS Code 290 on Transcript 2023: How to Dispute an IRS Code 290 Assessment Tax Code 290 on an IRS transcript indicates that additional taxes… IRS Reference Number 1242 - IRS CP05 & CP05A Notices IRS Reference Number 1242 - IRS CP05 & CP05A Notices IRS reference number 1242 indicates a discrepancy and the. Overview of IRS examination/audit process. IRS reference number 1242 is a unique code that is used by the Internal Revenue Service (IRS) to identify and track specific transactions or issues related to a taxpayer’s account. What does IRS reference number 1121 mean? The reference number means that your return is being reviewed. The IRS reference number 110 mean that you had already initially applied and you received an EIN or TAX ID number. TurboTax online guarantees. 1141 - Refund delayed liability on another account ( this means you owe a government entity money) 1161 - Refund delayed, bankruptcy on account 1181 - Refund delayed, pulled for review, not. Community Experts online right now. 263. IRS Reference Number 1242 is a code the IRS uses to notify you that your return has been selected for review.