TC Codes
What is a TC 150?
Tax liability from a posted return
IRN 073
Taxable Medicare Wages
MFT 14
944
True or False: You must confirm the account is IDT/EF before backing out the return?
TRUE
What tool do we use to input the adjustment?
REQ54
What TC tells us a refund went out?
846
IRN 299
Refundable COVID credit
MFT 05
1041
T or F: You must post delay if you have to input 2 adjustments because the IRN's do not equal the TC 150?
TRUE (the wretched pennies)
When is the only time you need to CMODE?
When inputting a full/partial lost refund
IDT 48/58
What is a TC 836 and what tax period will it be on?
Credit elect moved to following tax period.
IRN 208
MFT 02
1120 SERIES
T or F: If the RSED is expired you must use OVERRIDE CODE R.
FALSE: The correct override code is S and you must input the received date of the return in the "refund statute control date."
What hold code should you always use?
Hold Code 4
What is a TC 776
Computer generated interest
List two tax IRN's (the numbers)
111 Federal Income Tax
112 SS and Medicare Tax
113 Total of IRN's 104-108
MFT 06
1065
T OR F: You must get permission from CI to adjust when a Z- is present?
FALSE: It is if a -Z FREEZE is present
Where do we find the received date for the adjustment?
Letter issue date in BMFIC
TC 841
A cancelled refund. (money did not go out)
What do we need to add and then subtract from to find the total of the 150?
Tax and non-refundable credits
MFT 16
945
T or F: If your adjustment is too difficult and you cannot get it to go through, you give up and assign it to someone else?
FALSE: You can go to your lead for assistance.
;) GOT YA!! LOL
When removing withholding (806) is the money amount on your adjustment a positive or a negative amount?
A negative i.e. $4,200- because we are taking away the credit.