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A Federal income tax refund is not taxable income (for state or Federal purposes) in the year a taxpayer receives it.
A state income tax refund for a previous tax year, however, may be another story. It will be Federal taxable income in the year in which the taxpayer receives the refund, if he itemized deductions on the previous year's Federal income tax return.
Suppose a taxpayer files his 2010 Form 1040, and itemizes his deductions. Following the instructions for the 1040, he deducts $500 withheld as state income tax (shown on his W-2) in computing his 2010 Federal taxable income. He then prepares his state income tax return and discovers that he owes only $435 in state income tax, and is due a refund of $65 (the difference between the $500 withheld and his actual liability of $435). His actual state tax liability was only $435, but he had deducted $500 from his 2010 Federal taxable income, so when he gets the $65 refund in 2011, he must include it in 2011 income for Federal income tax purposes to make up the difference.
However, if the state refund was for a tax year for which the taxpayer did not itemize deductions on his Federal tax refund (i.e., he took the standard deduction), it is not taxable income to him.
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When filing for the state income taxes do you receive your federal income tax refund as well as your state income tax refund?
No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.
If you have small business expenses but no income will you get a tax return?
You can get a tax refund (I think that's what you meant) if you paid more taxes in than you owed. So, if you had no income, you would owe no taxes and should get anything back you paid in. Of course, if you had no income, how did you pay taxes?
Can you get a tax refund if you're an illegal immigrant?
You cannot get a refund when you do not pay taxes.
What is an income tax refund?
An income tax refund is money that you receive back from the government from all the withheld taxes that were on your employment income. You usually receive this money through your bank or in the mail.
Do you have to claim a state tax refund on your federal taxes as income?
Yes. State refund must be claimed as income on your federal return.
When filing for the state income taxes do you receive your federal income tax refund as well as your state income tax refund?
No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.
If you have small business expenses but no income will you get a tax return?
You can get a tax refund (I think that's what you meant) if you paid more taxes in than you owed. So, if you had no income, you would owe no taxes and should get anything back you paid in. Of course, if you had no income, how did you pay taxes?
Can you get a tax refund if you're an illegal immigrant?
You cannot get a refund when you do not pay taxes.
What is an income tax refund?
An income tax refund is money that you receive back from the government from all the withheld taxes that were on your employment income. You usually receive this money through your bank or in the mail.
Do you have to claim a state tax refund on your federal taxes as income?
Yes. State refund must be claimed as income on your federal return.
What do you have to pay income tax for?
taxes
Can you get a tax refund if didn't pay taxes but did make contributions?
no
Filing Taxes Properly for the Right Return?
There is a right and a wrong way to do your taxes. If you are filing personal income taxes or business taxes, and you want to make sure that you receive a fair refund, hiring a professional to walk you through the process will be essential. Many different details can dictate how much or little you receive in an income tax refund. Income tax brackets, for example, greatly impact how much money you pay in taxes. When you first fill out your tax forms annually, you are basically sorted into one of these income tax brackets depending on how much the work is supposed to pay. When tax time rolls around, what you actually earn is compared to these tax brackets and you are taxed accordingly. By hiring an income tax professional, you can make sure that you are utilizing the right income tax brackets when paying your income taxes every year. The professional will be able to compare what you actually earn to the amount of income tax that you are paying. This will help to ensure that you pay the right amount of taxes, and if possible, receive an income tax refund that is fair based on how you were taxed throughout the year. The reason why people receive a refund is because they had more taxes withheld than they needed to pay. If this is the case for you, then you may be entitled to a refund as well. Working with an income tax professional is the best way to get a fair return. The reason is because income tax professionals are well versed in filing taxes, and they know what to look for and how to file so that you receive any refund that is due to you. They can also help you to reduce the amount of taxes that you owe in situations where you made more money than anticipated, or where fewer taxes were withheld than should have been. Because there are so many different considerations to make when filing your annual income taxes, it can definitely benefit you to work with a professional during this process so that nothing important is left out along the way.
Tax refund on winnings in casino?
There is income taxes due on winnings at a casino. The only way you could get a refund on such winnings is that taxes are withheld from your winnings that exceeded your tax liability.
What is a 1040 tax form, how does it work?
A 1040 tax form is a personal income tax report form. It reports your income and deductions in order to figure out if you are owed a refund or if there are taxes you must pay. More information can be found on irs.gov.
Do you get OASDI money back in your tax returns?
No, Social Security taxes are separate from income tax. There is no refund.
Where is it possible to get an income tax refund?
You can get an income tax refund by filing your taxes at companies such as H&R Block and Jackson Hewitt. You can also find local companies that offer helping you with tax preparation.
