When are state income tax refunds includible in federal taxable income?Clifton, S. Diane
That doesn’t necessarily mean tax refunds are a bad thing, though. Many people get tax refunds due torefundable tax creditssuch as theearned income tax creditand thechild tax credit. These types of credits lower your tax liability, and if what you owe in taxes is less than the value of...
Not everyone has to file their taxes April 15. Find out when your state and federal returns are due. The majority of American taxpayers had to file their 2023 federal income tax returns by April 15, 2024. But there are millions of people with different deadlines. And state filing deadlines ...
Understanding Tax Refunds It can be exciting to get a large tax refund. You can expect to get a refund if you overpaid your taxes during the year. This generally happens when taxes are deducted from your paycheck every time you get paid by your employer. Here are some reasons why a ...
If you are in the process of adopting a child or even considering it, you should know that there is a federal tax credit that can save you money on your taxes. Some of the adoption expenses that qualify for the credit include court and attorney fees, tra
[MUSIC PLAYING] TRACY BYRNES: So there are a lot of deadlines this time of year. The big one of course, usually April 15th, it's not this year. So you need to understand why, and what other deadlines that are really important for you. Lisa Greene-Lewis, CPA and TurboTax expert is ...
Wel,,,the state and federal (IRS) are different agencies. But if your state refund was pulled for an audit and there were issues likely will get examined again this year. If you do owe state taxes, the IRS may work with your local tax agency to garnish any amou...
You can enter thefederal student loan rehabilitation programor use loan consolidation if your federal student loans are in default.9 Deferment or Forbearance A good first step is to contact your lender as soon as you realize that you may have trouble keeping up with your payments. The lender ...
Currently, that includes Alabama, Colorado, Iowa, Kansas, Montana, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Texas and the District of Columbia. Note that if you qualify for a common-law marriage in one of these states and later move, thefederal government will still consider you ...
When Can I File My Tax Return?The 2025 tax season opens later this month. More than 90% of tax refunds are processed and issued within 21 days. In filing your federal tax return, you may have a few questions: How much tax will I pay? How much will I get back in my tax refund?