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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.
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.
12 Μαρ 2019 · IRS uses code 1242 to indicate that your return was received electrocially, has been selected for review and will be frozen until the review process is complete. What to do next? You will likely have received CP 05 or will soon.
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.
11 Ιουν 2019 · Should receive a letter from the IRS within 30 days requesting what additional info they need. Example : AB got code 1242. This means FREEZE received return more than 3 weeks ago and now need additional info which is proof of dependent EIC credit.
