I had irs code 1121 and now it has changed to 1201. what the heck is going on?
2007-02-14 11:44:03 · 4 answers · asked by garrettandarlene 1 in Business & Finance ➔ Taxes ➔ United States
FINALLY!! Money in the bank! For all of us that had the 1121 reference code and was suppose to get our direct deposit on 1/26 and didn't, then it was switched to a 1201, well, it's finally pay day! The IRS released money today 2/15 to the distributing banks (depending on what tax software you used) and I confirmed with the bank that HR Block software "Taxcut" uses and it's there! Wahoooo! or more appropriately Yahooooooo!
So what I want everyone to know, with that reference code 1121 and 1201, your money is as good as there.
2007-02-15 08:10:34 · answer #1 · answered by Stacey 2 · 1⤊ 0⤋
I just went through this too. It seems that the IRS doesn't even know what their reference codes mean...at least not the customer support reps at the IRS. Irregardless, apparently there was around 70000 tax returns filed in January who suffered due to some "glitch" in the IRS system, so all of those returns were "flagged". My refund was due to be direct deposited on 1/26/07, and it never came. After that, I received a vague notice via the IRS "where's my refund" page that stated that there was a "delay" in processing my return. When I called initially, I was told that my return was flagged. Naturally, this scared the hell out of me. My initial code was 1121, then it changed to a 13something or other, last night it was a 1201, and now it's an 8002 code. The IRS rep that I just got off the phone with said that the reference numbers aren't useful at all, and they just make things more frustrating because no one seems to know if there is any meaning behind the numeric sequence.
The end result? The answer I got from the IRS rep today (the first one who was pleasant, by the way) is that 70000+ people got screwed due to some IRS error, and they are trying to get those returns done and filed ASAP. Supposedly, my refund will be in the bank on Friday, 2/16...I'm not holding my breath. If one "glitch" screwed everything up so badly, anything can happen. It seems that this glitch really affected those who were quoted a refund deposit date of 1/26/2007. Just try to be patient, and try not to worry.
2007-02-14 11:54:45 · answer #2 · answered by buxomwarrior 2 · 5⤊ 3⤋
I would have to agree with Rob. The Turbo Tax forum indicates that many people who are now on the 1201 code are scheduled to get their refund on 2/16. Hopefully this is the case for you also. Good Luck!! Let us all know how it ends up for you.
2007-02-14 17:09:41 · answer #3 · answered by Anonymous · 1⤊ 1⤋
All of these codes are ERROR codes from the IRS computer. NO ONE at the IRS can give you a more useful answer. No one on Yahoo Answers can either.
2007-02-14 12:42:37 · answer #4 · answered by STEVEN F 7 · 0⤊ 5⤋
1201 means that the return is processing, the next step should be release of your refund if there are no questionable items on your return.
2007-02-14 11:57:47 · answer #5 · answered by Anonymous · 5⤊ 3⤋