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Irs code 846 found on your tax transcript indicates that the irs has approved the issue of a tax refund. The amount of the tax refund will be found on the. If you requested direct deposit, you should have the refund. If it was being mailed, it should be soon. had a handful (4 to be precise) of clients with 846 refund issued codes with dates for this past monday (june 24th) that didn't receive direct deposits but subsequently received. an irs code 846 on your transcript means that the irs has issued you a refund for your tax return. You can use the cycle code to determine the approximate date that you will. in simple terms, code 846 is the “refund issued” code. It appears on your irs account transcript when the irs finishes processing your tax return and approves. when i check the where’s my refund tool, my bar is still in the first one, where it says “return received,” not “refund approved. ” but i checked my transcript today and says.