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No. Federal tax refunds are not taxable. In some cases, state tax refunds are taxable.
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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.
How do you exempt tax refunds?
Exempt them from tax? Federal refunds were paid with after tax $ and aren't taxable..but they are reported. State ones are, as you got a deduction for them when paid. There is no option to exempt them.
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.
Do you have to report federal tax refunds as income?
No. Refunds are portions of your income which were already reported but were nontaxable. You do not have to report any income more than once.
What does ytd fed taxable mean on a check stub?
Year-to-date income that is taxable as federal income tax.
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.
Are IRS tax refunds taxable?
No, you already paid tax on the money you used to pay taxes, you just paid too much of it, and therefore it is not taxed again. State tax refunds, when they are used as a deduction from federal taxable income, gets the opposite result - they are federally taxable<a href="http://www.acalculator.com">.</a>
How do you exempt tax refunds?
Exempt them from tax? Federal refunds were paid with after tax $ and aren't taxable..but they are reported. State ones are, as you got a deduction for them when paid. There is no option to exempt them.
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.
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.
Do you have to report federal tax refunds as income?
No. Refunds are portions of your income which were already reported but were nontaxable. You do not have to report any income more than once.
What are the similarties between the state income tax and the federal income tax?
The amount of your tax liability is based on your TAXABLE INCOME after your income tax return is completed completely and correctly down to the TAXABLE income line of each income tax return.
Do you have to report federal tax refunds as income the next year?
No. Refunds are part of your income which you already reported. You do not have to report any income more than once.
What does not fit taxable mean on a check stub?
Federal Income Tax (FIT) Taxable
What does ytd fed taxable mean on a check stub?
Year-to-date income that is taxable as federal income tax.
When do you not have to file Federal Income tax?
No reportable taxable income to be entered on a income tax return would be a good start of not being required to file a federal income tax return.
What are the tax percent on a dallor?
After your income tax return is completed correctly you will know what your marginal tax rate was for your taxable income for the year. The federal income tax rate on your taxable income can be from -0- percent to the maximum 35% marginal tax rate depending on your filing status and your total worldwide taxable income.
