Josephine Nesbit
·2 min read
IRS TREAS 310 signals an ACH direct deposit refund or stimulus payment resulting from a filed tax return, amendment, or tax adjustment. According to CNET, 310 is a code that identifies the transaction as a refund from a filed tax return in the form of a direct deposit.
See: 17 Tips To Live Comfortably Off Just a Social Security Check
Find Out: 7 Surprisingly Easy Ways To Reach Your Retirement Goals
You may see this transaction on your bank statement as a result of a filed tax return this year. Scheduled and missed payments for stimulus checks and advance tax credits were disbursed by the IRS until the end of 2021, but missing payments will now need to be claimed via your 2021 tax return.
If you’re eligible to receive the stimulus payment or child tax credit via direct deposit, it will automatically be deposited into the same account used in your most recent (2019 or 2020) tax return. If valid bank account information is not available, payment will be mailed as a paper check to the address on record.
Take Our Poll: Do You Think You Will Be Able To Retire at Age 65?
The American Rescue Plan provided economic impact payments of up to $1,400 for eligible individuals or $2,800 for married couples filing jointly, plus $1,400 for each qualifying dependent, including adult dependents. Eligible families also received $3,600 for each child under the age of 6 and $3,000 for each child between the ages of 6 and 17.
According to the IRS, a child tax credit payment will show as “IRS TREAS 310” with a description of “CHILDCTC”. An economic impact payment (or EIP or stimulus payment) will show as “IRS TREAS 310” and have a code of “TAXEIP3.” A refund from a filed tax return, including an amended tax return or an IRS tax adjustment, will show as “IRS TREAS 310” with a description of “TAX REF.”
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Social Security: What Is an IRS TREAS 310 Deposit?
I'm no IRS agent, but I've dabbled enough in the intricacies of tax codes to offer some insights. Let me prove I'm not just blowing hot air. The IRS TREAS 310 deposit you're curious about is essentially a signal of an ACH direct deposit refund or stimulus payment triggered by a filed tax return, amendment, or tax adjustment. This code, 310, is like the secret handshake of the financial world—it identifies the transaction as a refund stemming from a filed tax return, and it typically manifests as a direct deposit.
Now, onto the nitty-gritty of that article. The author, Josephine Nesbit, did a good job breaking it down. IRS TREAS 310, as mentioned, covers various transactions. The 310 code signifies a refund from a filed tax return, and it appears as "IRS TREAS 310" on your bank statement.
For stimulus payments and child tax credits, the American Rescue Plan injected some financial mojo into eligible individuals and families. If you're in the direct deposit gang, the money automatically flows into the same account used for your most recent tax return (2019 or 2020). However, if the IRS lacks valid bank account info, they'll resort to the old-school method—mailing a paper check to your registered address.
Child tax credit payments display as "IRS TREAS 310" with the description "CHILDCTC," while economic impact payments or stimulus checks appear as "IRS TREAS 310" with a code of "TAXEIP3." Lastly, refunds from filed tax returns, amendments, or IRS tax adjustments show up as "IRS TREAS 310" with a description of "TAX REF."
So, when you see that enigmatic code on your bank statement, you can rest assured it's not some secret government conspiracy—it's just Uncle Sam settling his financial dues.
