Does anyone know what theses codes mean and how long before we get our refunds. Accountant's Assistant: Which tax year is the refund for? 2019We received your tax return and it is being reviewed. The IRS may also include a more detailed explanation of why they are claiming you owe money. IRS Hours of Service: Monday through Friday, from 7 a. 1241 – Paper return received more than 6 weeks ago; in review, notice for additional information will be received. Im hoping this can be fixed because i dont owe anything never have i believe its because i claimed my two foster children for the first time. It has been over 6 weeks since filing our taxes online, irs refund site STILL says processing. 4. Please be aware that there are. Social Security Numbers (SSNs) are. Filed - Answered by a verified Tax Professional. 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. The Short Version. The IRS works with taxpayers to try to settle tax disputes in an effort to avoid court proceedings through an administrative appeals process. Learn more about free tax-filing help. Self-employed tax center. This might include: If the IRS takes your tax refund to satisfy one of these debts, it will send you a Tax Topic 151 letter to explain why. Ask for FREE. Before we talk about IRS reference number 9001, you have to understand what reject codes are. change . 0 1 501 Reply. Main Menu. Please mention reference number 1242 to the IRS Customer Service Representative. Contact Us. Not audited per see. You are due a larger or smaller refund. Tax Topic 151 means your return is under review. I got an offset letter and nothing since. I have two tax returns one from 2020 one from 2021 the one from 2021 I claim rebate recovery tax and I ended up on 172 the second tax return that I have is for 2021 and my return is $26,000 I have the code 151- 1242 and they say that it is frozen I don't know why they took my 2020 returns and offset it doesn't even tell me what it was offset for in addition to that my 2021 return it's just. I was told the code just stands for delay, no specific reason. If everything went well and all proofs sent. 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. I listed the definitions below you can also visit the IRS Website to. ∙ 13y ago. What does reference number 1242 mean with the IRS? 1242 – Electronic return received more than 3 weeks ago; –E Freeze; in review, notice for additional information will be received. What is Topic 151 and what is IRS reference code 1242. Anyone receive refund after review Anybody taxr return under review Have anyone got a letter from been reviwe by irs been 60 days Hoe to ctreate a pin when you get a. IRS Hours of Service: Monday through Friday, from 7 a. Normally the WMR reference number 1242 means your return is possibly going to be audited, but it's a very targeted audit. Ask for FREE. This can or cannot result in more investigation by the IRS. Ask Your Question Fast!Community Experts online right now. Although it may be unique in the state where you formed your LLC, the name likely conflicts with the name of a business from another state. 6. Hand off your taxes, get expert help, or do it yourself. If anyone can give advice on that aswell. See more Niagara Falls Tax lawyers. Ask for FREE. 263. 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. What is reference 1242 mean? What does it mean when it says to use reference number 1242 when u call. Or: Call 1-800-829-1040, 7 AM - 7 PM ET Monday through Friday local time to speak to a representative about an individual tax return. If the IRS needs more information from you, they will indicate it here followed up by a letter sent to you, there is no need for concern when you see this. Ask for FREE. ”. We need to notify you of delays in processing your return. In most instances, an IRS CP05 Notice is issued in which the IRS notifies the taxpayer in wri. 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. The 1242 means they are going to need something from you like proof of a birth certificate on a dependent or foster care papers etc. Ask Your Question Fast!This will result in your tax return being pushed out one or more cycles (and likely result in a delayed refund). Log in. moonweasel • 2 yr. In this video what is Topic 152. In most instances, an IRS CP05. A copy of your tax return. In this article, we will delve into what IRS reference number 1242 means and provide answers to some frequently asked questions related to this reference number. Please mention reference number 1242 to the IRS Customer Service Representative. I have zero debts, judgments, liens, or anything like that whatsoever. Is RV Insurance Required in My State? Retirement Bucket Strategy: What It Is and How It Works. Your tax return is held until you can validate the information requested by the IRS. I have reference code 1242 on my. What do tax topic 151 and reference 1242 mean? Tax topic 151 means you have a tax refund offset. Ask for FREE. e. Spoke to rep and said i have to wait for letter in the mail. IRS Hours of Service: Monday through Friday, from 7 a. 151, Your Appeal Rights. Account Balance is adjusted. Tax law & stimulus updates. While code 1201 means there is a huge delay Source : [LINK VISIBLE TO REGISTERED USERS. 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. 2. The most common reasons for getting a tax offset are unpaid taxes, unpaid child support payments, and offsets for federal student. Please be aware that there are. The wait times to speak with a representative may be long. The code number 1242 means there has beed a shorter delay. is this normal. 8. IRS Code 1121 What Does It Mean The Internal Revenue Service reference code 1121 means that your tax return is being reviewed. The IRS can enact it for a number of different reasons. 8, -E Freeze. marzo 18, 2023. 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. Hello. The portion of the refund you received would be the part that does not come from either EIC or the Additional Child Tax Credit. my refund has been over 21 days processing? Wheres my refund please mention reference number 1242 to. Get Your Tax Record. Add an answer. Single but my preparer but head of house hold this - Answered by a verified Tax Professional. Did anyone get a refund after tax topic 151 reference number 1242 , if you did , did the irs give you a update on partial payment on the check my refund status ? September 6, 2022 11:22 PM. moonweasel • 2 yr. 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. Wiki User. 1102 – No data, taxpayer filed electronic return more than 3 weeks ago. NUA – What is Net Unrealized Appreciation?Www irs gov what does 1242 mean . Filed 2/12 been waiting since, on 04/09 checked WMR had message, We have received your refund and is being reviewed. I have this same info showing (tax topic 151, reference 1242), and received a partial deposit of my refund. al capone house clementon njEGO have been seeing a lot of worrying comments from readers go tax transaction and topic colors her are seeing on the IRS Where is Insert Reimburse website, the IRS2Go mobile app or on their (free) ICS loading. 4. Correct_Clothes_1233 • 5 mo. 1242. Add an answer. irs reference number 1242 April 14, 2023 April 14, 2023 michael bennett linklaters on irs reference number 1242 April 14, 2023 April 14, 2023 michael bennett linklaters on irs reference number 1242First, head over to IRS. ago. This typically occurs when they are waiting for additional. Want this question answered? Be notified when an answer is posted. Conventional Loans: Requirements and What You Need. March 24, 2023. 1242 irs reference number. This typically occurs when they are waiting for additional. Tax Topic 151, Reference # 1242. What is the reference number 1242 for irs? Irs reference number 1121, was sent too me. Visit the IRS contact page to get help using online tools and resources. Hope this helps!Tip: Have your notice and your tax return handy when you call. Dial 7 wait a second, then 1 wait a few more seconds and then 1. 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. This can be done for various credit claims such as Earned Income Credit or any of the education tax breaks (this is not all inclusive). Www irs gov what is the reference number 1242 mean. preyeem. This typically occurs when they are waiting for additional. Reference Number 1121, referenced in your account transcript or WMR/IRS2Go app, generally. 5. Ask for FREE. This is good or bad, depending on your situation. IRS Reference Number 1242 is a code that is often associated with various IRS actions, such as the processing of tax returns, tax refunds, or tax payments. What is reference number 1242 for the IRS? 1242 – Electronic return received more than 3 weeks ago; –E Freeze; in review, notice for additional information will be received. The odds of an IRS tax audit are under 1% if you make between $1. to 7 p. The short answer is yes. Topic 151 code 1242. We need to verify your identity. 151 is an internal code used by the IRS indicating that they (the IRS) need additional time to process the tax return. This typically occurs when they are waiting for additional. . The Families First Coronavirus Response Act (FFCRA) provides refundable credits worth up to $15,110 to self-employed individuals who lost income due to COVID-19. to 7 p. Ask for FREE. Reference number 1242 simply refers to the dependency exemption. Sometimes, however, the IRS will write to you asking for more information about your tax return. Your return will remain frozen in the IRS. The IRS reference number 1242 is the code for a particular type of tax return. My brother claimed my kids as dependents in his 2022 tax. Phone (405) 341-1683 | Fax (405) 359-1936. This typically occurs when they are waiting for additional information from you. This year I got that saying 151 & the reference number 1242 what does that mean? I’m I not gonna get anything ? June 4, 2019 12:45 PM. Call: 1-800-829-0582, when asked for an extension, enter 362. IRS notices come on official IRS letterhead and follow a standard format. Tax Topic 151, Reference # 1242. The IRS can only help you after more than 21 calendar days have passed. 1242 – Electronic return received more than 3 weeks ago; –E Freeze; in review, notice for additional information will be received IRM 21. m. my refund has been over 21 days processing? Wheres my refund please mention reference number 1242 to. The selection process for code 1242 reviews is intended to be random. m. The Taxpayer Advocate Service may be able to help once you have tried getting your refund. 001 . This article is a guide on what IRS Reference Code 1242 is and what you should do if your tax return gets flagged for review. m. Tax Refunds Create. 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. What is Tax Topic 201 the collection process?I also got this reference number and called yesterday. 4. The TC 971 notice is probably the CP75: To find out what the reference number of 1242 for topic 151, you will need to contact the Internal Revenue Service. 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 . Change made for missing information. Self-employed tax center. Taxpayer Text Updates. The Avvo Rating. appeal. hidden vehicle gun storage; gladwin high school staffOverview of IRS examination/audit process. Reference number 1242 simply refers to the dependency exemption. We’ve drafted a sample response letter you can use for reference. 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. What is Topic 151 and what is IRS reference code 1242. We have a question about your tax return. IRS Reference Code 1242 flags your tax return for review. 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. Sign in to Your Account. Some of the IRS reference numbers are 1541 refund froze, 1301 return was filed late, and 8001 computer failed to authenticate information. m. July 18, 2022 5:06 PM. A copy of your tax return. This typically occurs when they are waiting for additional. Call: 1-800-829-0582, when asked for an extension, enter 362. What is the phone number of this Internal Revenue Service office in Madison? The customer service telephone number is 608-421-7898 and ZIP code is WI 53717. What does IRS reference number 1121 mean? The reference number means that your return is being reviewed. (identical MFT and Tax Period) of a TC 001 back to the old EIN. 5. gov website. 6 (5) - Updated Note with correct IRM reference. now it states it is processing and if no errors then i would get reWhat 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. IRS Hours of Service: Monday through Friday, from 7 a. I listed the definitions below you can also visit the IRS Website to. 151, Your Appeal Rights. This typically occurs when they are waiting for additional. 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. Provide copies of the documentation we request to verify the items we're auditing. Please see the link below since you are relying on your refund. comments. IRS notices cp05 and cp05A exp. 1102 No data, taxpayer filed electronic return more than 3 weeks ago See IRM 21. Hi! When you receive reference 1541 and extension 312 that usually means that there is a delay. What Is IRS Reference Code1242?. m. Here is the number to call for the IRS 1-800-829-0582. IRS Reference Code 1242 is a code the IRS uses to notify the taxpayer that the tax return has been frozen and selected for further review. Has anyone 120 days been up yet with tax topic 151 reference 1242 yet? I’m trying to see has anyone received they refund with the covid credits? Trying to get this situated felt like I tried every solution possible.