Why does my tax transcript show future dates for IRS codes 570 and 971?
Robert James, 20+ years of experience in IRS matters
Answered on September 16,2023
Answered on September 16,2023
A lot of IRS transactions have future dates for legal reasons. That's because if they assess a tax or make a change they have to allow some time for you to get the notice in the mail.
If you see the same date next to your 150 Tax return filed transaction, that pattern usually indicates IRS changed something on your return. You can see if the Account Balance matches your expected refund amount or not. The 971 notice will explain what was changed.
If there was an adjustment you usually see an update the following week; if the cycle code next to your 150 ends in 05 check your transcript next Friday. You hopefully will see a 571 reversing the hold and an 846 Refund issued transaction.
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