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Large medical and dental expenses not paid by insurance. ... That’s why, if you itemize, you have to report your state tax refund as taxable income. Not doing so would give you double the tax ...
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.
Financial institutions report the income you earn from dividends and distributions on Form 1099-DIV. Dividend payments from stocks or investment vehicles like mutual funds count as taxable income.
Data from 2021 shows that 20 million Americans have medical debt that can hamper their financial future. Overbilling, mistaken billing and illegal double-billing are often reported as unpaid debt ...
Overbilling can occur when larger institutions or governments create errors in their calculations of how much various individuals may owe. [4] Banks and credit card providers can also overbill clients, or indirectly facilitate overbilling through the method by which they allow vendors to charge a client after the client has accented to having their card billed. [5]
Unlike private debts, refund interception for the said taxation will often occur even if prompt prior payments were made. In many cases, the Department of Revenue (DOR) has the authority to intercept state tax refunds or refundable credits to repay debts owed to government agencies.
An overpayment scam, also known as a refund scam, is a type of confidence trick designed to prey upon victims' good faith.In the most basic form, an overpayment scam consists of a scammer claiming, falsely, to have sent a victim an excess amount of money.
How long it takes to get your NJ refund depends on whether you filed electronically or through a paper return. Keep reading to find out more.