Irs reference 1242. ago. Irs reference 1242

1. I prepared my taxes through FreeTaxUSA, one of IRS's free tax file partners. Reference number 1242 could indicate a potentially serious issue that requires your full attention. This message means your return is under review for an unknown reason. 6 -C Freeze 21. Using the zip code the caller provided, research the S and O freeze columns to determine which freeze needs to be input. 7 D- Freeze 21. I have this same info showing (tax topic 151, reference 1242), and received a partial deposit of my refund. Tax topic 151 with reference code 1242? Charter reference code so600. 5. 1-4 Internet Refund Fact of Filing Reference Codes. Ask for FREE. 5. 4. ” Transcript shows a credit on my account for the exact amount of the EITC. Wait for further notices from the IRS, if there`s any. . The IRS reference number means that they are source codes when people get certain errors after filing tax returns. What is Topic code 203 reduced refund. 5. 1 Background 21. This typically occurs when they are waiting for additional. **Mark the post that answers your question by clicking on "Mark as Best Answer". Just call and use the reference number they gave you. 📣 Request Answer. 29 Share 1. What is the IRS Refund Schedule? Tax Deadlines 2022; IRS Tax Forms and Ref. m. 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. Overview of IRS examination/audit process. . 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 ? 0. “Where’s My Refund” tells you to contact the IRS. for more information, please continue. I have a tax topic 151 on my wmr and it says when i call the irs to give refrence number 1242, my question is what does the 1242 mean? is it a certain; What does tax topic 151 reference #1242 mean? Topic 151 reference 1242. Code 1242 simply means that your return was e-filed 3 weeks ago and your refund is frozen while the IRS asks for more information such as a birth certificate for a dependent, etc. Taxpayer Text Updates. This typically occurs when they are waiting for additional. The IRS has several tax topics defining how it operates and how tax filers interact with the agency. June 6, 2019 7:31 AM 0 Reply Bookmark Icon mbynoe New Member IRS Reference Code 1242 – Electronic return received more than 3 weeks ago; –E Freeze; in review, notice for additional information will be received IRM 21. Wiki User ∙ 2014-06-04 22:34:04 . Marketing Assistance. Wiki User. In most cases, this code indicates that the IRS suspects a tax fraud or identity theft. 8, -E Freeze. 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. 4. 1 Refund Research 21. Ask for FREE. Territories who have the obligation to file Forms 8300; and for the tax professionals who prepare and file Forms 8300 on behalf of their clients. More Information About “Where’s My Refund”. §1252, Farmland Gain from the disposition of farm land held for less than 10 years is subject to recapture as ordinary income (IRC § 1252 ; Reg. Your returnFeb 21. It will explain how much you owe and how to pay it. Community Experts online right now. In this video what is Topic 152. Next → . IRS Reference Number 1242 – IRS CP05 & CP05A Notices IRS reference number 1242 indicates a discrepancy and the account is frozen […] Published January 17, 2022. 1. In most cases, this code indicates that the IRS suspects a tax fraud or identity theft. New Member. withholdings portion of refund, missing EITC portion). The first Tax Topic 151 letter you will receive is simply a courtesy notification. 6. 4. 4. Codes. Many Americans rely on their tax refunds to make ends meet, and an unexpected Tax Topic 151 notification can be quite financially unsettling. ”. IRS Free File. . This is due to many factors, such as the pandemic, completing processing of millions of 2019 tax returns, stimulus payments, unemployment compensation exclusion tax refunds. In around four weeks, you should receive a follow-up letter from the IRS. Article Rating. standard reference pointc. Pay the amount you owe by the due date on the notice. IRS. Reporting Tools. 1 What is the reference 1242 for tax topic 151?. 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. Tax Topic 152 means you're getting a tax refund. 8, -E Freeze Tax Topic 151, Reference # 1242 Hello. Your best bet it to wait until the IRS contacts you via letter which can take up to 4 weeks or more to receive. My sister didnt have a job or a way to keep up with anything. 4. 4. The IRS will take your refund even if you’re in a. Got the same 151 tax topic and reference number call irs and said i need to wait for a letter which it will say what is exactly the issue do y'all received a letter yet? Should i contac a tax advocate? June 6, 2019 7:30 AM. June 6, 2019 7:31 AM 0 Reply Bookmark Icon mbynoe New Member 21. Under the Families First Coronavirus Response Act (FFCRA), eligible employers are entitled to tax credits for wages paid for certain leave taken by employees related to the COVID–19 pandemic to recover from any injury, disability, illness, or condition related to the. Iv called over and over and no where did anyone ask for a. But my wheres my refund says to call the phone number and use reference number 1242. There is something on the return that is being disputed, such as which credits were claimed. Your Online Account: Securely access your individual IRS account online to view the total of your first, second and third Economic Impact Payment amounts under the “Economic Impact Payment. 1. Tax code 151 reference code 1242 what is this? Please help. This may not result in any changes. What does IRS reference number 1121 mean? The reference number means that your return is being reviewed. IRS reference number 1242 is the code used by the IRS to notify you that your return has been selected for review. when reviewing the account transcrips it shows i have a freeze. BOL (Do not attach Rate Con or Invoice) Filename *. TurboTax security and fraud protection. 151 Your Appeal Rights. This is good or bad, depending on your situation. Although this might sound alarming, seeing this reference number isn’t a reason for concern because the IRS system often flags tax returns for review randomly. This typically occurs when they are waiting for additional. If everything went well and all proofs sent, you should have your refund within 21 days. my addresses don't. 21. The IRS will contact you by letter. I have been twice. 1. Daily Versus Weekly Processing; Understanding Your IRS Letter; Obamacare Form 1095A available online; New Affordable Care Act IRS Tax Forms; What is Topic 151; What is IRS Tax Topic 152; Tax Topic 159 How to Get a Copy of Prior Years W-2; Form 1040; IRS. What is reference 1242 mean? What does it mean when it says to use reference number 1242 when u call. Netspend® Visa® Prepaid Card. 3 B- Freeze 21. 4. 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. 4. Wait for further notices from the IRS, if there`s any. IRS notices cp05 and cp05A exp. 4. 6. Level 1. Here's what you need to know. Tax Professional: taxmanrog. 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. 2 21. Codes Daily Versus Weekly Processing Understanding Your IRS Letter Obamacare Form 1095A available online New Affordable Care Act IRS Tax Forms IRS reference number 1242 is the code used by the IRS to notify you that your return has been selected for review. Marketing Assistance. Average FTE during the Borrower’s chosen reference period: Line 12. 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. and in the U. Tax topic 152 is just general information about the IRS processing of returns. 1. Receivables Assistance. **Say "Thanks" by clicking the thumb icon in a post. 6. Go to IRS r/IRS • Posted by Dear_Bobcat5124. • An notice that vou have received concerning your refund. 2. 1261 – Paper return received more than 6 weeks ago; –Q Freeze; in review, notice for additional information will be received. IRS Reference Code 1242 is a. This typically occurs when they are waiting for additional. 4. We may receive compensation when you click on links to those products or services Besides just collecting your taxes, the IRS also regularly screens tax returns. Topic 151 code 1242. 1. With the IRS, the reference number 1242 means that the IRS put a freeze on your account. What does the IRS code 1242 mean? On irs. IRS notices cp05 and cp05A exp. “Where’s My Refund?”. You’ll receive a CP05 notice soon after this reference number appears on your WMR account. The IRS organizes certain especially important or frequently needed taxpayer information into a list of tax topics. 1541 is an an internal code that the IRS uses to identify returns that have been "Delayed". 1. 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. 1 Program Scope and Objectives 21. these-things-happen • 2 yr. Did you receive a CP05 Notice? Don't panic. You typically are not required to respond to an IRS 151 letter. 4. Bookmark Icon. An electronic mailbox has been established for you to report suspicious e-mails claiming to have been sent by the IRS. About a week later I got tax topic 151 with reference code 1242. . 1 C- Freeze - Refund Holds 21. IRS Reference Codes on Where’s my Refund?My IRS transcript shows a 810 refund freeze from 50ish days ago. 5. My return is being reviewed with topic 151 and reference 1242. Suspicious e-Mails, Phishing, and Identity Theft The IRS does not send out unsolicited e-mails asking for personal information. The selection process for code 1242 reviews is intended to be random. Those people have had their returns held and their returns are under review. 1 Background 21. hi this question is about my income tax refund i filed electronically for over three weeks my refund status says its being processed then i recieved a letter{letter4883} saying my return was flagged for some kind of identity theft so after 2n a half hours on the phone with irsi had to verify my idendity by answering questions from previos tax returns she told me. 30, -O Freeze, for more information on inputting the TC 971 AC 087. 0. Find IRS forms and answers to tax questions. However, finding the IRS reference codes has also been one of the hardest things to track down this year, especially with all the changes to the way the IRS is processing refunds. What is Topic 151 and what is IRS reference code 1242. 2. This Guide is provided to educate and assist U. BOL Upload Key: - *. Wiki User. IRS reference number 1242 is the code used by the IRS to notify you that your return has been selected for review. The “Where’s My Refund?” portal provides an estimate of when you should ex . I got the delayed message the after. 10 -E Freeze 21. 6. However, finding the IRS reference codes has also been one of the hardest things to track down this year, especially with all the changes to the way the IRS is processing refunds.