Code 702: correction of erroneously applied credit.
From IRS Document 6209, the IRS's processing codes manual.
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Document 6209 says
Debit. Used on individual (IMF) accounts.
Correction of Erroneously Applied Credit
The full Document 6209 entry, as printed
Debit (PJ) I/B Correction of Erroneously Applied Credit 24, 58 Reverses TC 700 credit applied in whole or in part by debiting the Tax Module. Transaction date must match TC 700 date. The corresponding credit is TC 822. For MFT 04, only valid for tax periods subsequent to 199412, not valid with Doc Code 34.
After code 702
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Questions people ask
What does code 702 mean on my IRS transcript?
Document 6209 calls it "Correction of Erroneously Applied Credit".
Sources
Checked against these sources on October 30, 2026.