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While the minimum income - however earned - is $600, you don't actually owe any tax until a much, much higher amount. However, you should always file your return, even (or especially) if you have no tax payment obligation or even requirement to file. Simply, many benefits one receives, Earned income Credit, the recent Tax Stimulus Payment to name a few, require a return to have been filed. Do it. Additionally, most tax return preparers have hundreds of stories of people not filing and actually having substantial refunds coming...some of which were lost because the return needed to claim them was filed too late! Appealing to your common sense: Especially if you owed them no $ and even more true if they actually owe you -- do you think the IRS would allow you to NOT file a return if it wasn't actually good for them!
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∙ 15y ago
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Is federal income tax refunds taxable?
No. Federal tax refunds are not taxable. In some cases, state tax refunds are taxable.
Will Georgia tax your Federal rebate money?
No. Your federal tax is not deductible from your income in determining state taxable income, hence any refund of it isn't included as taxable income.
What does ytd fed taxable mean on a check stub?
Year-to-date income that is taxable as federal income tax.
Is a rebate taxable income?
None of the federal rebates that you may have received would be taxable.
When you file federal taxes what is considered taxable income?
SSI
Is federal income tax refunds taxable?
No. Federal tax refunds are not taxable. In some cases, state tax refunds are taxable.
Will Georgia tax your Federal rebate money?
No. Your federal tax is not deductible from your income in determining state taxable income, hence any refund of it isn't included as taxable income.
What does ytd fed taxable mean on a check stub?
Year-to-date income that is taxable as federal income tax.
Do you have to pay taxes on diusabilaty?
If the total amount of disposable income you receive exeeds the the minimum taxable income threshold, then yes of not, then no.
What is taxable income, and where can I find it ?
Taxable income is the income your taxes are based on in your federal and state income tax returns. This website explains it. en.wikipedia.org/wiki/Taxable_income
What does not fit taxable mean on a check stub?
Federal Income Tax (FIT) Taxable
Is a rebate taxable income?
None of the federal rebates that you may have received would be taxable.
Do you have to pay federal taxes?
If you have taxable income, yes.
When you file federal taxes what is considered taxable income?
SSI
If you paid 765 dollars this year in federal tax payments that were owed for a previous year is this your deductible?
Federal taxes paid or payable, (even if paid in the current year), aren't deductible in calculating your federal taxable income. State income tax payments may be deductible in determining your federal tax taxable income. And refunds received of a prior years State income tax may therefore be included in the current years federal taxable income.
Is borrowed money taxable in US?
No the borrowed money would not be taxable income to you that you would report on your 1040 federal income tax return as income in the year that the amount is borrowed.
Similarities between state income tax and federal income tax?
The taxable amounts of the income from each income tax return will be taxed at the tax rates for the state and for the federal.
