|
#5
01-31-2004, 10:39 PM
| |||
| |||
 Re: IRS Tax Return: Category? In microsoft.public.money, Chris Cowles wrote: - quote - > You may have to pay federal tax on the amount of your _state_ tax refund, I
You have to pay federal income tax on your state refund IF you> think. Not living in a state with income taxes, I don't know for sure. deducted state income tax on your previous year. i.e., you itemized. Thus, in addition to tax refund:fed, you would might have a tax refund:state category. |
|
#4
01-31-2004, 10:37 PM
| |||
| |||
| Re: IRS Tax Return: Category? Well, to some extent and under certain conditions, they are not idiots: to the extent you deducted from your 2003 taxes the amount of the refund, it'll get taxed in 2004. This is NOT "double taxed." You deduct last year's ***state income tax withholding amount*** on your return for last year since your ***state income tax amount*** bill cannot be known before completing your federal taxes. If you ultimately get a state tax refund for last year, this amounts to your having gotten too big a deduction. So this gets captured by the form 1040 you file next year. "Jeff Phillips" <jeff_phil_NO_SPAM_PLEASE_[at]yahoo.com> wrote in message news:101oc0c8nidkgb2[at]corp.supernews.com... - quote - > That's odd, everybody at work was saying that you are taxed on the amount of > your tax refund (ie, double taxed). Are they all idiots? I hope so! |
|
#3
01-31-2004, 10:14 PM
| |||
| |||
| Re: IRS Tax Return: Category? You may have to pay federal tax on the amount of your _state_ tax refund, I think. Not living in a state with income taxes, I don't know for sure. What I do with tax refunds is enter a transaction dated 12/31 of the tax year in question. It's a reduction of tax expense deposited to an account called something like 'taxes/refunds due', which is a 'budget' account. When I actually pay the tax or deposit the refund, I record it as a transfer from that account. It's expense neutral in the tax year of the cash transaction. -- Chris Cowles, Gainesville, FL "Jeff Phillips" <jeff_phil_NO_SPAM_PLEASE_[at]yahoo.com> wrote in message news:101oc0c8nidkgb2[at]corp.supernews.com... - quote - > "James" <anonymous[at]discussions.microsoft.com> wrote in message > news:762001c3e798$e6b56a40$a001280a[at]phx.gbl... > > Does anyone know which category needs to be used for a > > direct deposit from the IRS? As a tax return, how do I > > record it properly, so that my tax estimation for this > > year does not classify this as being tabable income? > That's odd, everybody at work was saying that you are taxed on the amount of > your tax refund (ie, double taxed). Are they all idiots? I hope so! > Thanks, > Jeff |
|
#2
01-31-2004, 07:50 PM
| |||
| |||
| Re: IRS Tax Return: Category? "James" <anonymous[at]discussions.microsoft.com> wrote in message news:762001c3e798$e6b56a40$a001280a[at]phx.gbl... - quote - > Does anyone know which category needs to be used for a > direct deposit from the IRS? As a tax return, how do I > record it properly, so that my tax estimation for this > year does not classify this as being tabable income? That's odd, everybody at work was saying that you are taxed on the amount of your tax refund (ie, double taxed). Are they all idiots? I hope so! Thanks, Jeff |
|
#1
01-31-2004, 01:47 PM
| |||
| |||
| Re: IRS Tax Return: Category? "James" <anonymous[at]discussions.microsoft.com> wrote in message news:762001c3e798$e6b56a40$a001280a[at]phx.gbl... - quote - > Does anyone know which category needs to be used for a
Isn't there a category already included called Taxes: Fed Previous Year and> direct deposit from the IRS? As a tax return, how do I > record it properly, so that my tax estimation for this > year does not classify this as being tabable income? Taxes: State previous year? |
|
01-31-2004, 03:39 AM
| |||
| |||
| Re: IRS Tax Return: Category? In microsoft.public.money, James wrote: - quote - > Does anyone know which category needs to be used for a
I use Tax Refund:Fed. You can create whatever category you like.> direct deposit from the IRS? As a tax return, how do I > record it properly, so that my tax estimation for this > year does not classify this as being tabable income? |
|
#-1
01-31-2004, 12:23 AM
| |||
| |||
| IRS Tax Return: Category? Does anyone know which category needs to be used for a direct deposit from the IRS? As a tax return, how do I record it properly, so that my tax estimation for this year does not classify this as being tabable income? |
| Tags |
| category, irs, return, tax |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| annual return Idler: What does "annual return" signify in the portfolio section? I can understand ytd return and roi numbers, but I can't figure out how they're... | Microsoft Money | 3 | 12-12-2003 05:37 PM | |
| Money 2002 YTD Return John Kelly: How is the YTD return figured out? Is it based on Jan. 1 2004, will my portifolio go to zero and start over again.Can I change when it calculates... | Microsoft Money | 3 | 11-17-2003 12:11 AM | |
| Return of capital Paul: How does a return of capital transaction affect the cost (or basis) of stock? It appears to me that it does not have an effect on the basis and... | Microsoft Money | 1 | 08-16-2003 08:29 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
