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29 Ιαν 2024 · What is IRS Reference Number 1242? IRS Reference Number 1242 is a code the IRS uses to notify you that your return has been selected for review. Your return will remain frozen in the IRS’s system until the review process is complete.
17 Φεβ 2024 · According to the IRS manual, Code 1242 essentially means, your return was received but is frozen (from any further actions) and under review. So while this does create a sense of panic, don’t get overly stressed as the IRS routinely reviews tax returns for errors and potential fraud.
This article explains what IRS Reference Number 1242 means, why you might receive it, and the steps you should take if your tax return is flagged. It also explores common reasons for review, potential outcomes, and ways to prevent future flags.
23 Μαρ 2023 · The IRS reference number 1242 indicates that your tax return was flagged for review because it raised fraud or identity theft concerns. 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.
Reference 1242 indicates that a tax return has been received but is currently under review and cannot be processed further. A Tax Topic 151 notice informs taxpayers that their refund is being reduced or withheld. It also provides an explanation for this action.
30 Ιουλ 2024 · What Does IRS Reference Number 1242 Mean? Finding a 1242 reference number attached to your tax return’s status means the IRS has selected your return for review. This does not indicate the IRS has already found issues with your return.
26 Ιουλ 2022 · IRS reference number 1242 indicates a discrepancy and the account is frozen pending review of supporting documentation from the taxpayer or third parties. In most instances, an IRS CP05 Notice is issued in which the IRS notifies the taxpayer in writing that their return is on hold and under review.
