TRANSCRIPT CODE

[TAXMAN]

Received transcript today from TP. Has a code 896 overpayment credit offset. TP is single no dependents and carry's his own insurance. Anyone know what this code may mean? Thanks

 

[Lee B]

"896 Debit (NPJ) I/B Overpayment Credit Offset Generated Transaction or 29 TC896 is used to reflect an offset to IRAF (MFT 29) and Shared Responsibility Payment (MFT 35) accounts and from IMF to BMF."

I am sure this will answer your question

 

[Lee B]

16 minutes ago, cbslee said:

"896 Debit (NPJ) I/B Overpayment Credit Offset Generated Transaction or 29 TC896 is used to reflect an offset to IRAF (MFT 29) and Shared Responsibility Payment (MFT 35) accounts and from IMF to BMF."

I am sure this will answer your question

 

It's fairly obvious that these are intended for IRS internal use. The wording suggests that your clients refund was reduced by an ACA Shared Responsibility Penalty.

What year was this transcript for?

[TAXMAN]

TAX YEAR 2020

[Catherine]

At least you are confused at a Higher Level and about More Important Things? (or not)