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If we previously filed jointly and are now filing separately how do we report tax refunds from previous years?
Wiki User
∙ 14y ago
50-50 one half of the amount of the refund to each taxpayer from the MFJ income tax return.
Wiki User
∙ 14y ago
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Can you get a tax refund if your only income is social security?
Income tax refunds are based on tax that was withheld or previously paid. There is normally no withholding tax on social security. You might, however, qualify for Earned Income Credit, or be able to collect a refund based on payments in a previous tax year.
How do you record a refund accorrding to GAAP?
GAAP requires that refunds that are adjustments of amounts previously paid be credited to the expense account where the original purchase was posted.
Why file single on your federal taxes when you are married and does it effect your spouse if one of you dies?
If you are married, you cannot (and should not) file single. Your choices are Married Filing Jointly or Married Filing Separately. The only time I usually see a Married Filing Separate return is either if the spouses, as a rule, just keep all of their finances separate, or if one of them owes taxes. Remember if you owe taxes the IRS will keep your refunds to apply to that balance due, so if only one of you owes taxes you can file Married Filing Separately and the one of you that does not owe taxes can still get their refunds. Also if you are going to owe on a tax return and file that return as Married Filing Separate, and then later die, your widow will not be responsible for the taxes.
Is federal income tax refunds taxable?
No. Federal tax refunds are not taxable. In some cases, state tax refunds are taxable.
Can you pay your taxes separately if you filed jointly?
You can pay it any way you want to pay it as far as the IRS is concerned. Be vary careful with this though. Just because you pay half of the total does not mean that you are not still equally responsible for the other half. The total debt is owed by both parties. It is undivided debt so both of you still owe it until it is entirely paid. The IRS can take refunds and any assets of either or both parties until the balance plus interest and penalties are completely satisfied.
Can you get a tax refund if your only income is social security?
Income tax refunds are based on tax that was withheld or previously paid. There is normally no withholding tax on social security. You might, however, qualify for Earned Income Credit, or be able to collect a refund based on payments in a previous tax year.
How do you record a refund accorrding to GAAP?
GAAP requires that refunds that are adjustments of amounts previously paid be credited to the expense account where the original purchase was posted.
Why file single on your federal taxes when you are married and does it effect your spouse if one of you dies?
If you are married, you cannot (and should not) file single. Your choices are Married Filing Jointly or Married Filing Separately. The only time I usually see a Married Filing Separate return is either if the spouses, as a rule, just keep all of their finances separate, or if one of them owes taxes. Remember if you owe taxes the IRS will keep your refunds to apply to that balance due, so if only one of you owes taxes you can file Married Filing Separately and the one of you that does not owe taxes can still get their refunds. Also if you are going to owe on a tax return and file that return as Married Filing Separate, and then later die, your widow will not be responsible for the taxes.
Will tax refunds be taken if married and one partner owes back child support?
If you file jointly you would need to file an injured spouse form (form 8379) to avoid that your share of the refund will be taken.
Is federal income tax refunds taxable?
No. Federal tax refunds are not taxable. In some cases, state tax refunds are taxable.
What is the duration of No Refunds DVD?
The duration of No Refunds - DVD - is 1.17 hours.
When was No Refunds - DVD - created?
No Refunds - DVD - was created on 2007-08-14.
Can you get refunds on PlayStation network?
if you read it before you buy a DLC or game it says no refunds
Can you pay your taxes separately if you filed jointly?
You can pay it any way you want to pay it as far as the IRS is concerned. Be vary careful with this though. Just because you pay half of the total does not mean that you are not still equally responsible for the other half. The total debt is owed by both parties. It is undivided debt so both of you still owe it until it is entirely paid. The IRS can take refunds and any assets of either or both parties until the balance plus interest and penalties are completely satisfied.
What day will government accept refunds?
The IRS will start accepting claims for refunds on January 17th, 2012
Where can I get more information on federal tax refunds?
Go to a trusted tax filing company, and have them do a re-check, H and R block does a free back check if you file with them this year, and they will get you any money you missed in the previous years.
Is there a time limit on refunds from IRS?
no
