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Your tax return can exceed the tax paid due to various factors, such as refundable tax credits, which provide refunds even if you owe no taxes. Additionally, if you had excessive withholding from your paycheck throughout the year, this can lead to a larger refund when you file your return. Deductions and credits related to education, healthcare, or childcare can also significantly reduce your taxable income, resulting in a refund that exceeds the amount originally paid in taxes.
What else can I help you with?
Do you enter the amount paid from a federal garnish on your tax return?
No. Your gross income is reported on your federal 1040 income tax return. The federal garnish amount that was paid would not be a deduction from your gross income on your income tax return.
Can I deduct monies paid to settle a lawsuit?
Not deductible on your income tax return unless the amount paid was to produce taxable income that was reported on your income tax return. Then a limited amount could be deductible on your income tax return.
Can NYC tax withholding be claimed on my tax returns?
If you itemize on your federal income tax return, City and State income taxes paid are deductible on your return.
Are free income tax estimators as good as paid estimators?
Yes, a free income tax estimator can be as good as a paid income tax estimator. A tax estimator just allows you to have an estimate of your tax return.
How do you get a tax return?
A tax return is the form you submit to the government by April 15th. You can fill one out online through a tax service. A tax REFUND is what you get when you paid too much income tax in the previous year. The government is giving you some of your money back because you paid them more than you owed.
Can I deduct taxes paid for the previous year on my tax return?
Yes, you can deduct taxes paid for the previous year on your tax return if you itemize your deductions.
Do you enter the amount paid from a federal garnish on your tax return?
No. Your gross income is reported on your federal 1040 income tax return. The federal garnish amount that was paid would not be a deduction from your gross income on your income tax return.
Can I deduct monies paid to settle a lawsuit?
Not deductible on your income tax return unless the amount paid was to produce taxable income that was reported on your income tax return. Then a limited amount could be deductible on your income tax return.
Can I deduct medical expenses for 2017 on my tax return?
Yes, you can deduct medical expenses for 2017 on your tax return if they exceed 7.5 of your adjusted gross income.
Can I deduct federal taxes paid for a prior year on my current tax return?
No, you cannot deduct federal taxes paid for a prior year on your current tax return.
Can you count your tax payment from a previous year's taxes on the current tax form?
If you are talking about your amount paid with your federal tax return, the answer is no. You cannot deduct your previous years federal income tax on your current years tax return. You can deduct on Schedule A the amount paid on your State income tax return if you itemize your taxes.
Can NYC tax withholding be claimed on my tax returns?
If you itemize on your federal income tax return, City and State income taxes paid are deductible on your return.
How can I deduct property taxes in California on my tax return?
To deduct property taxes in California on your tax return, you can itemize your deductions on Schedule A of your federal tax return. Include the amount of property taxes paid on your California property in the "Taxes You Paid" section. Be sure to keep records of your property tax payments for documentation.
Are free income tax estimators as good as paid estimators?
Yes, a free income tax estimator can be as good as a paid income tax estimator. A tax estimator just allows you to have an estimate of your tax return.
Can homeless people get tax refunds?
If they paid taxes, they can file a tax return and, provided they are eligible, receive a tax refund.
Can I deduct state taxes paid for the previous year on my tax return?
Yes, you can deduct state taxes paid for the previous year on your tax return if you itemize your deductions instead of taking the standard deduction.
How can the word reclaim be used in a sentence?
You can then reclaim the tax paid on any gifts in your annual tax return.
