If you are one of the millions of “weekly” updaters who have been anxiously checking your phone every morning, today—Friday, February 20, 2026—is likely the day you have been waiting for.
Overnight, the IRS Master File processed a massive batch of returns. Specifically, those with a cycle code ending in “05” (the code for weekly processing) are waking up to see Code 846: Refund Issued on their transcripts.
Here is the Bottom Line Up Front: If your transcript updated today with Code 846 and a date of 02-25-2026, your refund is approved and scheduled. Do not panic if “Where’s My Refund” (WMR) still says “Processing.” The WMR tool is always one day behind and will not update until Saturday morning.
The “Cycle 05” Phenomenon Explained
The IRS processes returns in two main batches: Daily (01-04) and Weekly (05). Weekly accounts almost always update on Thursday nights/Friday mornings.
If you look at your “Cycle Date” on your transcript (e.g., 20260705), the “05” at the end confirms you are in this batch. This is why nothing changed for you on Tuesday or Wednesday while others were celebrating.
Interpreting Your New Codes
Log in to your account at IRS.gov and view your 2025 Account Transcript. Here is what you are looking for today:
| Code | Description | What It Means Today |
| 150 | Tax Return Filed | Your return is processed. |
| 806 | W-2 Withholding | Your credits are applied. |
| 846 | Refund Issued | SUCCESS. The money is on the way. |
| 570 | Additional Action | WARNING. If you see this without a 571, your refund is still frozen. |
Critical Note: The date next to Code 846 (likely Feb 25) is the official “Treasury Date.” This is the day the Federal Reserve guarantees the money will be in a standard bank account.
When Will the Money Actually Hit?
Even though the official date is next Wednesday, many modern banks do not wait for the Treasury settlement. They release funds as soon as they see the notification.
- Fintech Apps (Chime, CashApp, Varo): You could see a deposit as early as this afternoon (Feb 20) or Monday, Feb 23.
- Credit Unions (Navy Fed, USAA): Likely Tuesday, Feb 24.
- Big Banks (Chase, Wells Fargo, BoA): You will likely wait until the official morning of Wednesday, Feb 25.
Why WMR Is Still “Stuck”
It is the most common question on tax forums right now: “My transcript has an 846, but WMR says ‘Still Processing.’ Is it real?”
Yes, it is real. The transcript is the raw data from the IRS mainframe. The “Where’s My Refund” tool is a user-friendly front-end that pulls data from the mainframe once every 24 hours, usually overnight on Fridays.
Expect WMR to change to “Refund Approved” tomorrow, Saturday, Feb 21.
Quick Troubleshooting
If you checked today and see Code 570 at the bottom instead of 846, do not expect a deposit next week. The 570 code means a hold was placed after the initial processing—often for wage verification. You will need to wait for a 971 (Notice Issued) code or a 571 (Resolved) code before you get paid.
Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. Always consult official government resources.
Evan Cole Editor-in-Chief | Breaking News & Public Policy
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