TAXMAN Posted May 16, 2023 Report Share Posted May 16, 2023 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 Quote Link to comment Share on other sites More sharing options...
Lee B Posted May 16, 2023 Report Share Posted May 16, 2023 "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 2 Quote Link to comment Share on other sites More sharing options...
Lee B Posted May 16, 2023 Report Share Posted May 16, 2023 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? 1 Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted May 16, 2023 Author Report Share Posted May 16, 2023 TAX YEAR 2020 Quote Link to comment Share on other sites More sharing options...
Catherine Posted May 17, 2023 Report Share Posted May 17, 2023 At least you are confused at a Higher Level and about More Important Things? (or not) 1 Quote Link to comment Share on other sites More sharing options...
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