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What is a typical interest rate for a refund anticipation loan?
The typical interest rate for a refund anticipation loan, RAL can vary widely and consumers should understand all the cost with this type of loan. RALs often carry extremely high interest rates, which do not include other fees such as electronic filling, application, and check cashing fees. With all that, taxpayers can end up spending more than 10% of their refund, just to receive their income tax refund sooner.
Can you earn interest from a credit card if you have a positive credit account and does the credit company have to pay you interest for borrowing your money?
You cannon earn interest from a credit card if you have a positive credit account. The bank will simply give you a refund if you have overpaid.
What is it called when a borrower receives a refund after paying his note?
When a loan is paid off, the mortgage company gives an estimated payoff amount. This is based on a specific date. If the payoff date is before that date, the interest amount will be less than estimated. The excess payment results in a refund called an ESCROW BALANCE REFUND.
Do you get money back from a 1098 mortgage interest form?
Receiving money back from a 1098 mortgage interest form depends on your individual tax situation. The form shows how much mortgage interest you paid, which can potentially be deducted from your taxable income, leading to a tax refund or lower tax bill.
How do you fill out for the IADVANCE loan threw Jackson hewitt?
You should seriously check the interest rate they are charging you. Tax refund anticipation loans are a notorious rip off.
Is your tax refund of last year taxed?
You do not pay taxes on a federal tax refund from the IRS unless they sent your refund late and paid you interest on the amount due to you. You would have received a 1099 from the IRS which shows the interest paid to you.
What is the journal entry for interest received on a state tax refund?
Debit cashCredit interest income
How long can the IRS take to process refund?
The IRS can take as long as it needs to in order to properly verify that you are owed a refund. If they don't send your refund within 45 days after April 15 or 45 after they receive your return (whichever is later), they will pay interest. (The interest is taxable.)
What is the last date the IRS has to refund check?
The IRS can take as long as it needs to in order to properly verify that you are owed a refund. If they don't send your refund within 45 days after April 15 or 45 after they receive your return (whichever is later), they will pay interest. (The interest is taxable.)
What is a typical interest rate for a refund anticipation loan?
The typical interest rate for a refund anticipation loan, RAL can vary widely and consumers should understand all the cost with this type of loan. RALs often carry extremely high interest rates, which do not include other fees such as electronic filling, application, and check cashing fees. With all that, taxpayers can end up spending more than 10% of their refund, just to receive their income tax refund sooner.
Can you get a refund from IRS on mortgage taxes and interest?
No, but you can write them off as itemized deductions on your Schedule A.
What is the definition of a federal tax refund?
A Federal Tax Refund is when the Government pays you back money it has technically borrowed from you during the previous year without paying you interest.
What is the major disadvantage of getting a tax refund?
Lost interest on the money you've allowed the government to use for free, depending on the size of the refund. Lost use of that money during the year.
If you forgot to file a w2 which would have made you get more of a refund on your income taxes what will happen?
Simply file an amended return - a form 1040 X. Your refund will include interest on the excess.
Can you get a refund from a tax return from 6 years ago?
I am assuming you never filed in the first place. Just file accordingly and if you are owed a refund you will get it. If you owe them you will also have to pay with interest and fees.
What is the interest note on the bottom of the Federal tax refund check?
In some cases, the Feds are required to pay interest on refunds, depending on a number of factors like when you filed or paid, and it may be that. It can also be that you owed interest on some portion of tax that was underpaid or not paid on time, although you may have a net refund coming. For example, if you had to pay estimated payments every quarter, but didn't - the fact that you may have paid even more than you had to at a later time and have a refund coming, doesn't mean you don't owe interest on the payments you failed to make timely.
If you receive a refund on state income taxes that includes interest the interest is nontaxable if the refund is not taxable?
First, a refund of State Income Tax, was deductible when it was paid (and presumably taken as a deduction), and IS taxable when refunded. (You took a tax benefit when paying it, so you have to give back that same tax benefit when you get the tax (or some portion of it) refunded). I can see no reason that the interest wouldn't be taxable. Only certain interest, (from specifically declared but not all Municipal and some other bonds), is not taxable. Otherwise, the source of the interest does not effect it's character as interest, which is taxable. The fact it may be from a government doesn't mean much. Certainly lots of people get paid lots of things from the government that are taxable.
