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Your parents received ss income for 2007 but have paid out over 6000 for insurance can they get a refund of any kind?
Wiki User
∙ 16y ago
Well first off, they would have had to have something withheld to get a refund.
And presuming your meaning medical insurance (which is probably the only type that may be deductible), and presuming the expense for it is more than the minimum base percentage of their AGI, then it becomes a tax deductable expense. Again, if they get money back or have to pay comes down to how much they already paid for their ultimate taxable income.
Wiki User
∙ 16y ago
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Should tax refund be listed as income on schedule I?
No. It is either cash (if received) or a receivable. It is not income.
If you canceled two life insurance annuities during the year - for which you received a refund of about 15000 dollars - do you pay income tax on that?
any free money over $5000 is taxed
You just filed for bankruptcy and also got your 2008 refund will that be added to income in2009?
I filed my Federal taxes for 2008 and just received a refund and I am in the process of filing bankruptcy this month will that refund be added as income to the bottom line?
What is the journal entry for interest received on a state tax refund?
Debit cashCredit interest income
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.
Back tax refund?
Prior year tax refund. The IRS would be the only one that would be able to help you with this information about any missing refund that you have not received if you have filed your income tax return correctly and mailed it or sent it to the correct IRS address. To check on your current year income tax refund go to the IRS.gov website and choose check on my refund or where is my refund on either side of the web page.
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 your kids supposed to get any money from the income taxe refund?
Nope. Parents pay taxes, so they get the refund money. They will most likely spend it to feed you and put a roof over your heads.
Is tax refund an income?
No
Can you still get a refund with no income?
No
How long does it take to get your income tax refund for 2009 without direct deposit?
I filed Feb 15 and received mine Feb 25
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.
