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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.
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Is a federal tax refund taxed?
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.
Do you have to report your income tax check?
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.
Can you get a tax return if you owe tax from a previous year?
I believe the question you were trying to ask is can you get a tax "refund" if you owe tax from a previous year. The answer to that question is NO. Your tax refund will always be applied to any current tax liability. If your tax liability is less than the expected refund you will receive only a check for the difference.
Back tax refund?
Prior year tax refund. The IRS would be the only one that would be able to help you with this information about any missing refund that you have not received if you have filed your income tax return correctly and mailed it or sent it to the correct IRS address. To check on your current year income tax refund go to the IRS.gov website and choose check on my refund or where is my refund on either side of the web page.
Should you spend your tax refund before you file for chapter 7 bankruptcy?
If received for last year yes. the one for next year, received after filing, no.
Is a federal tax refund taxed?
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.
Can the your income tax refund be garnished?
I had a car that was financed through HSBC repossessed last year. It was repossessed. Can HSBC take my federal income tax refund for this repossession?
How can you determine how much your state income tax refund was last year in Arizona?
5463
If you had to pay a notice of assessment or bill for your tax refund last year do you still get any money?
I might not understand your question completely correctly, but I'll try my best. If you received a bill for last year and you paid it off completely, there would not be any reason to hold back this year's tax refund. That assumes that you are entitled to a tax refund this year, of course. The reason that you get a tax refund every year is because you have more taxes withheld from your paycheck each week than is required. You could get a larger paycheck each week instead of a tax refund if you properly completed Form W-4 which you give to your employer. On the other hand, if you did not pay the bill from last year, then some or all of this year's refund will be retained to help pay your debt. If you just recently paid this bill off, it may be possible that your payment hasn't registered in the system yet and your refund will be delayed. If you have paid the bill from last year and they are still holding your refund, contact the IRS at the number given on the notice they sent you.
Do you have to report your income tax check?
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.
How is the estimated tax refund calculated?
The estimated tax refund is calculated based on the current year's tax codes.
Do you pay taxes on refunds?
In the U.S., it depends on the type of refund and what's being refunded. Generally, if it's a refund of the price of something you purchased, it's not taxed, assuming the purchase was made from your income that was already taxed. If you receive a refund of state income tax, it may have to be included in your taxable income, but only if you claimed it as a portion of your itemized deductions in the previous year.
If you canceled two life insurance annuities during the year - for which you received a refund of about 15000 dollars - do you pay income tax on that?
any free money over $5000 is taxed
was the tax refund due for 2009 paid?
was the tax refund for 2009 paid. last word was that state was holding it up
How to get a small business tax refund when no taxes were taken out?
You can't get a tax refund if no taxes were deducted for the year in question.
Is your federal income tax refund considered income on your state return?
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.
Can you get a tax return if you owe tax from a previous year?
I believe the question you were trying to ask is can you get a tax "refund" if you owe tax from a previous year. The answer to that question is NO. Your tax refund will always be applied to any current tax liability. If your tax liability is less than the expected refund you will receive only a check for the difference.
