You may have noticed an "IRS TREAS 310" tax refund in your account. Here's what "IRS TREAS 310" means and why you received the deposit.
By Anuradha Garg
Mar. 15 2023, Updated 2:05 p.m. ET
In this article
What's an "IRS TREAS 310" tax refund?
Did the IRS issue a refund for unemployment benefits?
You might receive other random deposits from the IRS.
Tax season is in full swing, and many early filers have already received their tax refunds. However, how these appear on your bank statement can be confusing. For example, you might have received a deposit listed as "IRS TREAS 310" but may not know what it means.
When you file your income tax return, you estimate the refund (if any) due from the IRS to you. However, in some cases, the amount might be lower or higher than your calculations. About 75 percent of U.S. filers get an annual tax refund from the IRS, and according to the agency, the average 2022 tax refund was $3,121. As of Feb. 2, 2023, the IRS had already sent out more than $15 billion in tax refunds.
Find out more about why a deposit from "IRS TREAS 310" is showing up on your bank statement and what a few other important IRS codes mean down below.
What's an "IRS TREAS 310" tax refund?
The "310" code refers to a transaction of a refund from a filed tax return in the form of a direct deposit. "IRS TREAS 310" is a normal automated clearing house (ACH) direct deposit refund from a filed tax return. Along with the 310 code, the IRS payment will include a description that differs depending on the payment type. The codes could be one of the following:
Article continues below advertisement
"IRS TREAS 310 TAX REF"
"IRS TREAS 310 TAXEIP3"
"IRS TREAS 310 CHILDCTC"
A direct deposit with "TAX REF" is basically a refund from a filed return, including amended tax returns or IRS tax adjustments. The other two codes refer to economic impact payments and advance payments of child tax credits, respectively.
Waking up to a $1400 IRS TREAS 310 deposit into my account like...do I get to keep this orrrr?? pic.twitter.com/isgK1Ht4V6
Did the IRS issue a refund for unemployment benefits?
The American Rescue Plan Act provided relief on federal tax on up to $10,200 of unemployment benefits a taxpayer collected in 2020. Usually, unemployment benefits are taxable, but the act waived the tax due to the COVID-19 pandemic. As most people eligible for the break filed their tax returns before the act came into effect, the IRS had to issue special tax refunds to eligible taxpayers.
IRS is Sending More Unemployment Tax Refund Checks in June | Kiplinger https://t.co/g4WsHjNEj9
The payments by the IRS started in May 2020 and continued thereafter. According to a Jan. 3, 2023, IRS press release, the agency has completed corrections of the 2020 tax year for those who overpaid taxes on the unemployment benefits they received.
Article continues below advertisement
The agency noted that it had to correct about 14 million returns, which resulted in roughly 12 million refunds being issued. The total amount refunded to those who overpaid taxes on unemployment benefits was $14.8 billion and the average refund was around $1,200.
You might receive other random deposits from the IRS.
A deposit labeled "IRS TREAS 310" isn't the only thing that has been leaving taxpayers scouring the internet for answers. There are plenty of other types of deposits taxpayers have received that have them questioning what it is and why they received it. For example, some taxpayers received a deposit from TPG Products.
Article continues below advertisement
Article continues below advertisement
TPG Products, an abbreviation for Santa Barbara Tax Products Group, is a company is known for processing tax refunds for those who opt to have their tax filing fees deducted from their refund. So, if you received a deposit from TPG Products, it's likely the remainder of your tax refund.
But, if you believe you received a tax refund out of error, you can simply repay the amount to the IRS. However, it's advisable that you contact the agency first before assuming it isn't money you are owed. The IRS works under strict rules and guidelines, but it does make mistakes. And sometimes, those mistakes, such as failing to issue a refund for a credit you were entitled to, may work in your favor.
What Does IRS Treas 310 Mean On My Bank Statement? 'IRS Treas 310' is a code that identifies a direct deposit from the U.S. Department of the Treasury, typically signifying a tax refund from your recently filed U.S. tax return.
It could be: A refund from a filed tax return, including an amended tax return or an IRS tax adjustment to your tax account – this will show as being from the IRS (“IRS TREAS 310”) and carry the code “TAX REF.”
The 310 code simply identifies the transaction as a refund from a filed tax return in the form of electronic payment. You may also see TAX REF in the description field for a refund. If you see a 449 instead of 310, it means your refund may have been offset for delinquent debt.
If your refund exceeds your total balance due on all outstanding tax liabilities including accruals, you'll receive a refund of the excess unless you owe certain other past-due amounts, such as state income tax, child support, a student loan, or other federal nontax obligations which are offset against any refund.
From ssa. govAccording to my web search, SSA TREAS 310 XXSOC SEC is a code for a deposit from the Social Security Administration (SSA)1.It could be a regular payment or a special payment for retirement, disability, or other benefits2.
If you received a check or EFT (Electronic Funds Transfer) payment from Treasury and don't know why it was sent to you, the Bureau of the Fiscal Service Call Center can help. The Bureau of the Fiscal Service Call Center can be reached by calling 1-855-868-0151, Option 2.
SACRAMENTO, Calif. — Some people received refund checks from the IRS even though they were told they owed them money. Is it simply just a nice surprise or a mistake? One tax expert says it could be the result of an error in completing the return, so the IRS corrected it and sent a refund.
The agency did say the 2024 tax season is off to a strong start, with all systems running well. Of those who received refunds, 63.4 million chose direct deposit, and their refund was $3,088.
The maximum credit amount has increased to $3,000 per qualifying child between ages 6 and 17 and $3,600 per qualifying child under age 6. If you're eligible, you could receive part of the credit in 2021 through advance payments of up to: $250 per month for each qualifying child age 6 to 17 at the end of 2021.
The tax year 2024 maximum Earned Income Tax Credit amount is $7,830 for qualifying taxpayers who have three or more qualifying children, an increase of from $7,430 for tax year 2023. The revenue procedure contains a table providing maximum EITC amount for other categories, income thresholds and phase-outs.
The 310 code simply identifies the transaction as a refund from a filed tax return in the form of an electronic payment (direct deposit). This would also apply to those receiving an automatic adjustment on their tax return or a refund due to March legislation on tax-free unemployment benefits.
If you owe delinquent state income taxes, back child support, or delinquent non-tax federal debts such as student loans, etc., the Bureau of the Fiscal Service , which disburses IRS refunds, may offset your refund for the delinquent amount.
If you owe money to a federal or state agency, the federal government may use part or all of your federal tax refund to repay the debt. This is called a tax refund offset. If your tax refund is lower than you calculated, it may be due to a tax refund offset for an unpaid debt such as child support.
Are you currently receiving Social Security Disability or private disability insurance benefits? Whether you receive additional money from Social Security Administration in any given month could be due to circumstances that apply to you alone or it may represent an increase in benefits to all benefits recipients.
TREAS 310 payments indicate that you've received a government payment, typically from the IRS. The “TREAS” part of the code stands for “Treasury” because the IRS is a bureau of the United States Department of the Treasury.
It means you or a joint account owner have recently set up a direct deposit of funds being paid by the US Treasury. Prenotification, known as a “pre-note” by bankers, is a procedure by which a payor of monies verifies the ABA routing number and account number provided to them by a payee.
An Automated Clearing House (ACH) credit payment occurs whenever someone instructs the ACH network to “push” money from their account to someone else's. This could be an employer (often via some processing partner) pushing payroll to their employees, or a government agency pushing cash payments to eligible citizens.
Introduction: My name is Greg Kuvalis, I am a witty, spotless, beautiful, charming, delightful, thankful, beautiful person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
