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No, you already paid tax on the money you used to pay taxes, you just paid too much of it, and therefore it is not taxed again. State tax refunds, when they are used as a deduction from federal taxable income, gets the opposite result - they are federally taxable<a href="http://www.acalculator.com">.</a>
What else can I help you with?
Is federal income tax refunds taxable?
No. Federal tax refunds are not taxable. In some cases, state tax refunds are taxable.
Which bank does the IRS use for processing tax payments and refunds?
The IRS uses the Bureau of the Fiscal Service, a part of the U.S. Department of the Treasury, for processing tax payments and refunds.
Who does the IRS allow to put liens on tax refunds?
Governments
How do you exempt tax refunds?
Exempt them from tax? Federal refunds were paid with after tax $ and aren't taxable..but they are reported. State ones are, as you got a deduction for them when paid. There is no option to exempt them.
Which IRS processing center serves Washington state for Irs refunds?
The IRS processing center that serves Washington state for tax refunds is located in Ogden, Utah. Tax returns filed from Washington are generally sent to this center for processing. Refunds are typically issued by the IRS from this facility after the returns have been processed.
Which websites carry details on state tax refunds?
You can find information on state tax refunds at turbotax, or tax act websites. You can also go to the IRS website as well.
What day of the week does the IRS deposit income tax refunds?
Usually on Friday am
Why do people have tax returns?
A tax return is a report of taxable income, taxes paid, deductions and credits. Law requires that a person with taxable income file a tax return with the IRS.
Can your federal income tax refund be taken by IRS even if you are in uncollectable status?
Yes, the IRS will continue to keep your IRS refunds even if you are in Currently Not Collectible status.
Where can I recieve information on filing for federal tax refunds?
Most people file for their federal tax refunds from past year finances in the January to February period. You can file by submitting a request form to IRS.
Will you receive income tax return if you owe the IRS?
No the IRS will withhold your refund until the tax debt is paid. I know I had that happen to me and when it was paid in full I was able to start getting my refunds again.
How do you determine after tax?
Take your taxable income and subtract your income tax amount that the IRS gets from you and the amount would be your after income tax amount.
