The code 768 indicates an amount of credit for earned income. The dates on the transcript indicate the date those credits take effect in your file, which doesn't necessarily correspond to the date of deposit or the date a check is mailed, but the deposit or mailing dates are usually within a few days (on both sides) of those dates. If you see the code 768 in your academic record, it means that an amount of the Earned Income Tax Credit (EITC) has been credited to your account. An IRS code 766 on your account means that you have received an IRS credit on your account.
A credit to your account is a dollar-for-dollar reduction in your tax liability. If you have more credits than your tax obligations, you'll get a refund for the overpayment. If your credits don't cover the balance due, you'll need to make the appropriate payments. You may receive a letter related to your state in Code 766 or Code 768 in the mail before the check arrives.
Code 766 on an IRS transcript indicates that a credit was deposited in a consumer's account and that a return was filed. One of the unique stipulations of Code 768 in IRS transcripts is the cost of household support when filing as the reporting head of household. You can learn more about these codes and payments by contacting a representative on the IRS toll-free help line. If the 766 code is unexpected, you'll receive a letter from the IRS explaining the change in your account.
Leave a Comment