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jes81276
summer fun!
Member since 3/06 4962 total posts
Name:
Jaime
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Tax question
I received a notice in the mail of an overpayment of taxes. It says this is not a bill and I don't have to do anything. Anyone know what this means?
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Posted 1/29/07 3:50 PM  |
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ali120206
2 Boys
Member since 7/06 17790 total posts
Name:
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Re: Tax question
It just shows how much of a refund you received last year from the State of NY. I received one as well.
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| Posted 1/29/07 3:52 PM |
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janet
WITH LOVE MY ANGEL MISS YOU!!!
Member since 5/05 12823 total posts
Name:
janet
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Re: Tax question
Posted by jes81276
I received a notice in the mail of an overpayment of taxes. It says this is not a bill and I don't have to do anything. Anyone know what this means?
nope you do not have to to anything with it, just file it with your tax papers
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| Posted 1/29/07 3:54 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: Tax question
good post! i got one of these too and was wondering what to do with it...thanks!
Message edited 1/29/2007 3:58:41 PM.
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| Posted 1/29/07 3:58 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Tax question
Posted by jes81276
I received a notice in the mail of an overpayment of taxes. It says this is not a bill and I don't have to do anything. Anyone know what this means?
You have to add it to your Federal Income taxes for this year. A state refund is reported to the IRS and is taxable.
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| Posted 1/29/07 4:04 PM |
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jes81276
summer fun!
Member since 3/06 4962 total posts
Name:
Jaime
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Re: Tax question
Posted by shamrock124
Posted by jes81276
I received a notice in the mail of an overpayment of taxes. It says this is not a bill and I don't have to do anything. Anyone know what this means?
You have to add it to your Federal Income taxes for this year. A state refund is reported to the IRS and is taxable.
What is a state refund? I didn't get an additional refund (in addition to what I got back from the state when I did my taxes) and I am confused bc the amount that is on the 1099-G is not the same amount that I got back from the state last year.
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| Posted 1/29/07 4:23 PM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: Tax question
I received a notice too. I just added it to the accountant pile. I'll let you know what he says once we get our W-2s in & get our taxes done.
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| Posted 1/29/07 4:25 PM |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: Tax question
if you receive money back last year, that is taxable in the year received, this year
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| Posted 1/29/07 4:42 PM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: Tax question
Posted by nrthshgrl
I received a notice too. I just added it to the accountant pile. I'll let you know what he says once we get our W-2s in & get our taxes done.
I asked our tax attorney at work about it this morning. You received this statement because you itemized your deductions last year and it is considered taxable income! Can you believe it??? - taxed on our tax refunds
It goes in your tax return this year as income
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| Posted 1/29/07 4:43 PM |
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jes81276
summer fun!
Member since 3/06 4962 total posts
Name:
Jaime
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Re: Tax question
Posted by ODonnell
Posted by nrthshgrl
I received a notice too. I just added it to the accountant pile. I'll let you know what he says once we get our W-2s in & get our taxes done.
I asked our tax attorney at work about it this morning. You received this statement because you itemized your deductions last year and it is considered taxable income! Can you believe it??? - taxed on our tax refunds
It goes in your tax return this year as income
you've got be kidding me?!?!?!?!!?!?
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| Posted 1/29/07 4:46 PM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: Tax question
Unfortunately not, but if you itemize your deductions again this year it should cancel out.
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| Posted 1/29/07 4:49 PM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: Tax question
Posted by ODonnell
Posted by nrthshgrl
I received a notice too. I just added it to the accountant pile. I'll let you know what he says once we get our W-2s in & get our taxes done.
I asked our tax attorney at work about it this morning. You received this statement because you itemized your deductions last year and it is considered taxable income! Can you believe it??? - taxed on our tax refunds
It goes in your tax return this year as income
Oh that's all it is? I thought that was always the case? Income is income...regardless of the interest free loan I gave the government.
Thanks for the info!
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| Posted 1/29/07 4:52 PM |
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