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:
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"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.
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.
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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.
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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.
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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.
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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.
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.
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.
Similar to Social Security benefits, veterans receiving certain types of benefits may find themselves in a situation where they've overpaid taxes. In these instances, the IRS will refund the excess amount, and you'll see it reflected as an IRS Treas 310 deposit. Other government payments.
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.”
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.
What 'IRS TREAS 310' means as a bank statement transaction. If you receive your tax refund by direct deposit, you may see IRS TREAS 310 listed in the transaction. The 310 code simply identifies the transaction as a refund from a filed tax return in the form of electronic payment.
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.
It's all because of a quirk in the Social Security Administration's payment schedule. A few times a year, two Supplemental Security Income (SSI) checks will go out in a month instead of the usual one.
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.
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.
IRS is waiving $1 billion in tax penalties and issuing unexpected refunds, but there's a catch. As the Internal Revenue Service resumes normal collections, it's offering an olive branch to taxpayers who still owe money from the COVID era.
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.
All or part of your refund may be offset to pay off past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support, or other federal nontax debts, such as student loans.
If you need more information on the offset, contact the Bureau of the Fiscal Service at 800-304-3107 (or TTY/TDD 866-297-0517) to find out where Treasury applied your tax refund.
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 circ*mstances 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.
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.
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