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If you received a 1099-G Form this year from a government agency, you may need to report some of the information it contains on your tax return.
The form — called Form 1099-G, Certain Government Payments — is issued by various government agencies. Among other things, it lists the total unemployment compensation recipients received over ...
That process is commonly called FUTA credit reduction and was designed as an involuntary repayment mechanism. The reduction schedule is 0.3% for the first year and an additional 0.3% for each succeeding year until the loan is repaid. From the third year onward, there may be additional reduction(s) in the FUTA tax credit (commonly dubbed "add-ons").
For a variety of reasons some Form 1099 reports may include amounts that are not actually taxable to the payee. A typical example is Form 1099-S for reporting proceeds (not gain) from real estate transactions. The Form 1099-S preparer will report the sales proceeds without regard to the amount of the taxpayer's "basis" in the real estate sold.
The ODJFS Office of Child Support collects and distributes nearly $2 billion annually to more than 1 million Ohio children. In federal fiscal year (FFY) 2011, Ohio had the third largest "IV-D"-designated child support caseload in the country. IV-D refers to the section of federal law that created the child support program.
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