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What if you elect to itemize deductions do you still get a federal income tax refund along with the state?
Chelsigirl
The choice to itemize deductions would be made based on which gets you a the lower tax bill and as a results a refund. So do whichever one works best for you.
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∙ 10y ago
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Is your income tax return qualify as income?
In the U.S., your federal income tax refund does not count as taxable income for the next year. If you receive a refund from your state, and you itemized your deductions on the federal return, then the state refund will count as income on your federal return. (If you didn't itemize, then your state refund won't count as income.)
Do you pay taxes on your income tax refund?
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.
Can you claim taxes of grocery receipts?
If you itemize deductions on your federal income tax return, you have the choice of claiming a deduction either for state income taxes or state sales taxes (but not both). Sales taxes would include those for groceries. Note that this is a deduction, not a refund or credit.
Do you pay taxes on income tax return?
I assume that this question is about an income tax refund, and not about an income tax return (which is the form you file with income tax authorities every year, along with any income taxes you still owe.)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.
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.
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.
Do you have to claim federal tax refund on Oregon state return?
You do not have to report any income tax refund on any tax forms, it is not income.
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.
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.
What was the average fd tax refund for 2010?
The average tax refund for 2010 was 3129 dollars. This number, however, can change drastically with many factors, including what income was with held, how many deductions one makes, and income level.
How do you figure out how much you will get back on your tax return?
Once you have completed your tax return you will know how much of a refund you will receive or if you will owe any tax. The tax return is where you claim all taxable income and subtract all allowable deductions, thereby discovering if you have overpaid or underpaid your federal and state income taxes. The tax refund is the amount returned to a taxpayer for overpayment.
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?
