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The 2200 amount that was added as a medical expense deduction on the schedule A itemized deduction of the 1040 federal income tax return did NOT INCREASE your itemized deductions amount enough to reduce your taxable income amount on page 2 line 43 of the 2009 1040 income tax return. So it did not reduce your income tax liability amount that is on page 2 line 44 and that would be the reason that you did not have any INCREASE in your refund amount.
What else can I help you with?
A medical bill you owe can it affect your tax refund?
Yes, as you can't claim it as an expense unless it has been paid, therefore it can't be added to a deduction against income, which will effect anyone's refund.
How to properly record a tax refund in accounting?
To properly record a tax refund in accounting, you would debit the cash account to increase it and credit the income tax expense account to reduce it. This reflects the refund as income received and reduces the expense previously recorded for taxes paid.
Why did my health insurance send me a check?
Your health insurance may have sent you a check as a reimbursement for a medical expense that you paid out of pocket, or as a refund for overpayment of premiums.
If you overpaid state tax by making estimated payments is your state tax refund taxable?
Some of the refund amount could be taxable if you itemized deduction in the year and claimed the estimated tax payments as a part of your itemized deduction for that year.
I received a refund from my state taxes in 2009. Do I need to report this refund on my federal tax for 2010?
You do if you claimed your state income tax as a deduction last year. This is line 10 on form 1040 If you took the standard deduction, you don't.
How do you record tax refund in journal entry?
To record a tax refund in a journal entry, you would typically debit the Cash account to reflect the increase in cash received. At the same time, you would credit the Income Tax Receivable account (if previously recorded) or the Income Tax Expense account to reduce the tax expense. The entry would look like this: Debit Cash Credit Income Tax Receivable (or Income Tax Expense). This reflects the receipt of the refund and adjusts the related accounts accordingly.
What is disbursement?
all of these payment of a bill expense reinbursment an income tax refund
What is a disbursements?
all of these payment of a bill expense reinbursment an income tax refund
Do you claim federal tax refund on this years federal tax?
No. But if you live in one of the states that allows a state deduction for federal taxes and you took such a deduction, you may have to claim it on your state return.
How much is strayer refund check?
how much is an average refund at strayer university
What is the proper tax refund accounting entry to record the return of excess taxes paid by a company?
The proper tax refund accounting entry to record the return of excess taxes paid by a company is to debit the cash account for the amount of the refund received and credit the income tax expense account to reduce the tax expense recorded.
Do you have to claim state refund on federal tax as income?
If you took the amount as a deduction as State taxes on your federal return originally (say refund is from a prior year), then getting it back now is reported as income.
