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If you are helping to pay for your child’s college education, you can claim tax credits to help lower your tax bill (or receive a refund). ... This deduction allows you to reduce your taxable ...
A nonqualified withdrawal is subject to income tax and a 10% federal tax penalty on earnings. Under a 529 savings plan, contributions can vary and families select their own investment options ...
Whether or not your refund is taxable depends on how you filed your taxes and what deductions you claimed. Here's what you should know.
Gross income includes "all income from whatever source", and is not limited to cash received. It specifically includes wages, salary, bonuses, interest, dividends, rents, royalties, income from operating a business, alimony, pensions and annuities, share of income from partnerships and S corporations, and income tax refunds. [3]
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In India, there is a provision of refund of excess tax along with interest. For claiming a refund one has to file the income tax return within a specified period. However, under Sections 237 and 119(2)(b) of the Income Tax Act, the Chief Commissioner or Commissioner of Income Tax are empowered to condone a delay in the claim of a refund. [15]
While most tax-related forms arrive dependably in the mail, college students tend to work multiple jobs each year, and some college tax forms may need to be printed out from the college portal and ...
According to the IRS, taxpayers generally receive a 1099-G for a state tax refund. “Whether or not your state income tax refund is taxable on your federal income tax return depends on whether ...
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