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On unemployment had taxes taken out.with new tax law would i file for a refund?
Gbhall
Yes it is possible that you could receive a refund.
For the unemployment benefits that you received last year you should receive a 1099-G from the state showing the total amount received during the year and the amount in excess of 2400 will be entered on line 19 page 1 of the 1040 tax form and added to all of your other worldwide gross income and taxed at your marginal tax rate.
You will also receive a withheld income tax credit for the amount was withheld and reported on the 1099-G by entering that amount on the page 2 of the 1040 tax form line 61 Federal income tax withheld and added to any other federal income tax that was withheld from other sources during the year 2009.
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Do you have to file unemployment taxes this year?
If you got unemployment in 2012 you do have to file taxes if you didn't have the taxes taken out of the unemployment you received.
How to get a small business tax refund when no taxes were taken out?
You can't get a tax refund if no taxes were deducted for the year in question.
If your only income for the year is unemployment can you file taxes and still get a refund?
Anyone can file taxes.You can only get a refund if you overpaid taxes during the year or qualify for some refundable tax credit such as the Earned Income Credit or the Additional Child Tax Credit.The most likely reason you might get a refund would be if you had taxes withheld from your unemployment compensation.
Are taxes taken out of unemployment checks in Arkansas?
Yes
Can i file a tax return if unemployment was my only income?
Yes. Unemployment benefits are taxable income. If you had taxes withheld from your checks, you may be entitled to a refund.
Are taxes taken out of unemployment paychecks?
You didn't say what state you live in. Where I live, they let you decide whether you want them to take out taxes or not.
Is Medicare taken out of your unemployment check?
No; Medicare is paid for by payroll taxes and employers and employees.
When you pay more than you owe in taxes and the IRS gives you money backwhat is that money called?
A tax refund or tax rebate is a refund on taxes. When your tax liability (the amount of tax you owe) is less than the amount of taxes paid or taken out of your paycheck, the IRS will give you a tax refund once your return is filed.
What is the max refund for federal taxes?
There is no maximum refund. If you overpaid your federal taxes, you'll get a refund for the overpayment no matter how much it is.
Can you get a tax refund if you receive social security benefits?
Yes, if you have paid taxes, or had taxes withheld for that tax year, you may be entitled to a refund. If you have not paid taxes for the year in question, you will not receive a refund.
How do you journalize the entry to record accrual of payroll taxes 198.40 FICA taxes 19.84 federal unemployment taxes and 133.92 for state unemployment taxes?
debit taxes expenses 352.16credit payroll taxes 198.4credit unemployment tax 19.84credit state unemployment 133.92
Do you have to claim a tax refund as income if you are on unemployment?
A tax refund is not income as defined by the IRS. However, if the taxes paid were claimed as a deduction in the income tax for that year, there is an adjustment to the AGI. Some states provide for counting this in the following year.
