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The transcript updated overnight. Code 846 is sitting right there with a refund issue date of February 23, 2026.
Where’s My Refund still shows the orange bar and “still processing” message from three days ago.
This scenario is common during peak refund weeks. Transcripts are updating faster than WMR, and the disconnect is causing more stress than the actual wait.
Here’s what cycle 20260505 means right now, why the systems don’t match, and when that deposit is actually coming.
What’s Happening With Cycle 20260505 This Week
Cycle 20260505 is a Friday batch from the fifth week of IRS processing this season.
Anyone seeing this code filed early, likely between January 27 and February 3, 2026, and cleared initial review without errors or holds.
The 2026 refers to the current processing year. Returns filed in January and February 2026 for tax year 2025 get processed during the 2026 calendar year, so all cycle codes start with 2026 right now.
The first 05 marks week five of the processing cycle. The IRS runs weekly batches, and week 05 typically lands in mid-February for people who filed within the first two weeks of the season.
The second 05 is the processing day, Friday. The IRS counts Monday as day 01 through Friday as day 05.
Friday cycles are common for returns that cleared earlier in the week and got bundled into the end-of-week release. If the transcript shows code 846 with February 23, 2026 next to it, the refund already moved past approval. It’s in the Treasury’s hands now.
Why Transcripts Update Before WMR
IRS transcripts pull from the Master File, the actual system where refunds get processed and approved. When code 846 appears, that decision is locked in. The refund amount is final, and the issue date is set.
Where’s My Refund is the public-facing tool. It updates once daily, usually overnight, but it operates on a separate refresh cycle from the transcript system.
WMR can lag behind by one to three business days depending on processing volume and when the transcript updated.
If the transcript updated late Thursday or Friday night, WMR might not catch up until Monday or Tuesday. This happens every year, and it doesn’t mean anything is wrong.
WMR will eventually show the same February 23 date, or it might skip straight to “refund sent” if enough time passes before it refreshes. Refreshing WMR every hour won’t speed it up. The transcript is the more accurate source.
Keep in mind that the Presidents’ Day refund freeze 2026 can add an extra 24-hour delay to how quickly WMR updates after your transcript clears.
What Code 846 Actually Confirms
Code 846 is the only transaction code that confirms the IRS sent the refund to Treasury for payment.
The date next to it, February 23, 2026, is when the IRS instructed Treasury to release funds. That’s not the same as when the bank posts the deposit.
February 23 is the issue date, and most banks process ACH deposits within one to three business days after that. Some banks release early. Others wait until the exact date or later.
The “still processing” message on WMR doesn’t override code 846. It just means WMR hasn’t updated yet. Once it does, it will either show the February 23 date or display “refund sent” depending on timing.
If This Refund Was Supposed to Cover Bills
Anyone counting on this refund for rent, car payments, or credit cards due before February 25 needs to plan for the possibility that the deposit won’t hit until two business days after the issue date.
February 23, 2026 falls on a Monday. While many hope for a weekend drop, some banks won’t process the deposit until Tuesday, February 24 at the earliest. Some will hold until Wednesday, February 25.
If a bill is due Monday morning and auto-pay is tied to the account waiting for this refund, there’s a real chance of hitting insufficient funds.
The IRS doesn’t control when banks post deposits. Code 846 confirms the payment left Treasury on February 23, but the bank decides when it clears.
Setting up a one- or two-day buffer between the issue date and any major payment due date prevents late fees and overdrafts. This isn’t the IRS being slow. It’s how ACH transfers work across the banking system.
If your deposit amount is lower than expected, check for reasons the IRS can seize your tax refund, such as past-due student loans or child support.
Why Some Banks Show Nothing Until Feb 25
Even with a February 23 issue date, many people won’t see deposits until February 24 or 25. Banks don’t all process ACH transfers the same way.
Some banks post deposits as soon as they receive the pending transaction, sometimes a day early. Others hold until the official date. A few wait an extra business day as part of their internal clearing process.
If February 23 falls on a weekend, the deposit won’t process until Monday, February 24. If it’s a federal holiday, add another day.
If it lands on a Friday, some banks hold until Monday even if the date technically clears. Tax prep companies that offer refund advances or prepaid debit cards add another variable.
Those deposits route through third-party processors, which can delay things by an additional one to two days beyond the issue date. This is why seeing code 846 with February 23 doesn’t guarantee money in the account on February 23. It guarantees the IRS sent it on that date.
For those seeing smaller refunds due to forgiven debt, understanding the Form 982 student loan tax bomb 2026 is critical for your next filing.
When to Actually Worry
If the bank account shows nothing by February 26 or 27, giving at least two full business days past the issue date, check WMR again.
If it still says processing, call the IRS refund hotline at 800-829-1954. Wait times are long, but a representative can confirm whether the payment left Treasury and whether there’s a bank routing issue.
If the transcript shows code 846 but five business days pass with no deposit, verify the account and routing numbers on the return. A mismatch triggers a paper check, which takes three to four weeks.
The most common issue isn’t a lost refund. It’s a bank that processes slower than expected or a weekend delay that wasn’t accounted for.
If WMR finally updates but gives you an error code, you may need to distinguish between IRS Topic 203 vs 151 to see if your refund was reduced for a debt.
If This Code Shows Up in Future Seasons
Cycle 20260505 is specific to this season, but the structure stays the same every year. Future filers seeing a similar code, like 20270505 or 20280505, can apply the same breakdown.
The first four digits will match the processing year. The next two digits will indicate the week within that season. The final two digits will mark the processing day of the week.
Code 846 will always mean the same thing: refund approved and sent to Treasury. The lag between transcript updates and WMR updates will remain consistent.
And banks will continue processing deposits on their own schedules, regardless of the IRS issue date. Knowing how to read the cycle code and where to look for the real confirmation, code 846 on the transcript, cuts through most of the confusion that happens every February.
Processing timelines can vary by bank and individual return status.
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Sarah Johnson is an education policy researcher and student-aid specialist who writes clear, practical guides on financial assistance programs, grants, and career opportunities. She focuses on simplifying complex information for parents, students, and families.
