No its not taxed. When you receive your refund, you will notice that their nothing withheld from your refund of any sort. You definitely do not have to report your refund to the IRS-its your money that you earned.
The refund check, as income - No - for federal (it was taxed when overpaid - tax being paid with already taxed money), but a State one, yes. It was deducted from federal income.
You do not pay taxes on a federal tax refund from the IRS unless they sent your refund late and paid you interest on the amount due to you. You would have received a 1099 from the IRS which shows the interest paid to you.
Im never refund federal tax, like a boss.
No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.
Married tax credit and children's tax credits can cause a refund to be larger than what was withheld.
The refund check, as income - No - for federal (it was taxed when overpaid - tax being paid with already taxed money), but a State one, yes. It was deducted from federal income.
You do not pay taxes on a federal tax refund from the IRS unless they sent your refund late and paid you interest on the amount due to you. You would have received a 1099 from the IRS which shows the interest paid to you.
Im never refund federal tax, like a boss.
I can't answer for all states, but in VT the amount of Federal tax refunds are not taxable on the state return. Further in that VT piggy-backs the federal return. (Uses the federal tax as basis for computing state tax), it would take some tricky math to calculate. The state refund is taxable on the federal return (if you itemized deductions the year before), so in that instance, the amount of the state refund for that year would, in fact, be taxed on the federal return and thus that portion would be again taxed by the state (VT) as a result of the "piggy-backing" method used by the state.
No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.
Married tax credit and children's tax credits can cause a refund to be larger than what was withheld.
When you file for the federal tax refund, you will file the state tax refund on the same 1040 form with schedule A.You can also file for that separately.
A tax refund schedule can be found online at various different site. Some of these include http://www.irs.com/2011-federal-tax-refund-schedule/ as well as http://www.efile.com/tax-refund/where-is-my-refund/. where is my refund
You qualify for a federal tax refund if you have reached the tax reporting threshold and filed for income taxes. The tax reporting threshold varies depending on your age and marital status.
You do not have to report any income tax refund on any tax forms, it is not income.
A Federal Tax Refund is when the Government pays you back money it has technically borrowed from you during the previous year without paying you interest.
You can file a federal tax return and get a refund regardless of the status of your state taxes. If you owe overdue taxes to the state and they have gotten around to it, the state can intercept your federal refund. So, your refund might go to paying your overdue state taxes instead of being sent to you. But unless you file a federal tax return, no refund will be generated and your state taxes will not be paid.