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Why does my refund decrease when I enter another W2?
When you enter another W-2, it may increase your total income, which can push you into a higher tax bracket. This can result in a higher tax liability and a decrease in your refund amount.
How should I create a journal entry to record an income tax refund?
To create a journal entry for recording an income tax refund, debit the cash account for the amount of the refund received and credit the income tax refund account. This will accurately reflect the increase in cash and the corresponding decrease in the income tax refund liability.
Why did my refund decrease when I added another W2?
When you added another W2, your refund may have decreased because the additional income from the second job pushed you into a higher tax bracket, resulting in more taxes owed and a smaller refund.
Can the IRS offset my ny state refund?
Typically, the Internal Revenue Service doesn't collect your refund if you owe them money. They will keep your federal refund.
When should I expect to receive my state refund?
You can expect to receive your state refund within a few weeks after filing your tax return, but the exact timing can vary depending on the state and how you filed your taxes. It's a good idea to check the status of your refund on the state's tax website for more specific information.
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.
How do you treat refund to debtors in the debtors control account?
decrease with a credit
Do you have to file state taxes if you are getting a refund?
Yes, if for no other reason than to get your State refund
Why does my refund decrease when I enter another W2?
When you enter another W-2, it may increase your total income, which can push you into a higher tax bracket. This can result in a higher tax liability and a decrease in your refund amount.
louisana state tax refund form for nonresisents?
what form do i use for louisana state tax refund for non resisent
Can you still get a federal tax refund if you didn't pay state tax the year prior?
You can file a federal tax return and get a refund regardless of the status of your state taxes. If you owe overdue taxes to the state and they have gotten around to it, the state can intercept your federal refund. So, your refund might go to paying your overdue state taxes instead of being sent to you. But unless you file a federal tax return, no refund will be generated and your state taxes will not be paid.
When is a state tax refund coming?
You can go to your state tax department web site to find a place that you can use to check on 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.
How long is it taking to get Missouri State tax refund?
I received my federal 2 weeks ago...still no Mo state refund?
Is there a tenant's tax refund?
Yes there is if you have a state tax in your state.
How long does it take to get a Kansas state refund if you efile?
It has been 11 weeks and no refund yet!
How should I create a journal entry to record an income tax refund?
To create a journal entry for recording an income tax refund, debit the cash account for the amount of the refund received and credit the income tax refund account. This will accurately reflect the increase in cash and the corresponding decrease in the income tax refund liability.
