Code 342: interest restriction deletion.
From IRS Document 6209, the IRS's processing codes manual.
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Document 6209 says
Used on individual (IMF) accounts.
Interest Restriction Deletion
The full Document 6209 entry, as printed
I/B Interest Restriction Deletion 47, 54 Removes restriction on the computer computation of interest set by a previously posted TC 340 or 341, and allows the computer to recompute normal interest. TC 342 may not be input without first securing the source document for the TC 340/341 and making the determination that the TC 340/341 was unnecessary. Can only be input for 0 amount. CAUTION: TC should not be used without first determining interest should not be restricted.
After code 342
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Questions people ask
What does code 342 mean on my IRS transcript?
Document 6209 calls it "Interest Restriction Deletion".
Sources
Checked against these sources on October 30, 2026.