What is a 971 tax code?

Tax relief from innocent spouse….Internal Revenue Service Transaction Code On Transcript 971.

IRS Code Statement on Transcript IRS Pocket Guide Definition
971 User fee paid to reinstate installment agreement Miscellaneous Transaction
971 Withholding allowances limited – letter sent to employer Miscellaneous Transaction

What is a 971 form?

More In Forms and Instructions Publication 971 explains when a spouse may be relieved of tax, interest, and penalties on a joint tax return. Three types of relief are available to married persons who filed joint returns: Innocent spouse relief. Separation of liability relief.

What does IRS Code 960 mean?

The IRS Tax Transaction Code 960 only means that a Form 2848, Declaration of Representative, and Power of Attorney were processed by the Centralized Authorization File (CAF) unit. See also: Tax Transaction Code 971.

What does innocent spouse relief mean?

Types of Relief Innocent Spouse Relief provides you relief from additional tax you owe if your spouse or former spouse failed to report income, reported income improperly or claimed improper deductions or credits.

What does code 806 mean?

According to the Internal Revenue Service Pocket Guide definition, code 806 on your transcript means there was a Credit for Withheld Taxes and Excess FICA. Note also that if you have withholding, then you will see the IRS tax code 806 with a date that is applied to the total.

What does the IRS code 570 mean?

According to the Internal Revenue Service Pocket Guide definition, code 570 on your transcript means there was Additional Liability Pending or Credit Hold. That is what IRS code 570 means on your transcript.

What happens if you marry someone who owes back taxes?

If you marry someone with a tax debt, you are not responsible legally to help repay those debts. That debt belongs solely to your spouse. Unfortunately, if your spouse owes back taxes, the IRS or state tax department can garnish their wages without first obtaining a court order.

What does code 150 mean?

The main meaning of the code on your tax transcript is simply that you have filed your returns. The 150 code only shows your taxes that were actually owed before any withholding and credits were applied.