What does IRS reference code 1501 mean?
. Upon being given this code by an inquiring taxpayer, the IRS agent directs the taxpayer to contact their financial institution. According to code 1501, the direct deposit had been issued by the IRS 1-2 weeks previously and should have shown up in the taxpayer’s account in that time. The taxpayer should check the bank routing number (RTN) and account number that were entered on the tax return to verify that they are correct.
