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Federal Tax Refund vs. State Tax Refund. Many taxpayers don't realize there's a difference between state and federal income tax refund timeframes. The IRS typically processes electronic federal ...
When expecting a refund from your state government, the exact timeline varies based on several factors, including your specific state. Just like with your federal tax return, the processing time ...
To check your state income tax refund, you will likely go through a process like this: Find your state tax collection agency. In most states, this is called the Department of Revenue, but may have ...
Returns are also required by partnerships doing business in the state. Many states require that a copy of the federal income tax return be attached to their state income tax returns. The deadline for filing returns varies by state and type of return, but for individuals in many states is the same as the federal deadline, typically April 15.
For example, if you deducted $1,500 in state taxes last year, but your state refund this year was $2,000, you only need to report a tax refund of $500 on your federal income tax return.
That state tax refund you just got is a nice little chunk of change; but, before you spend it, ask yourself this: Will I need to pay taxes on it when I file taxes next year? Depending on the method...
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