What Is A State Tax Return? (Correct answer)

Which state I need file state tax return?

  • Generally, you must file a New York State income tax return if you’re a New York State resident and are required to file a federal return. You may also have to file a New York State return if you’re a nonresident of New York and you have income from New York State sources.

What is a state tax refund?

A tax refund is a reimbursement to a taxpayer of any excess amount paid to the federal government or a state government. Taxpayers tend to look at a refund as a bonus or a stroke of luck, but it most often represents an interest-free loan that the taxpayer made to the government.

What is the difference between federal and state tax returns?

The differences between state and federal taxes are federal income taxes are collected by the federal government to pay their bills and state taxes are collected by individual state governments to pay their specific state bills.

What are examples of state taxes?

Among the common types of taxes that many states impose are personal income tax, corporate income tax, sales tax, and real property tax.

Do I have to file a state tax return?

Not everyone has to file state taxes. Typically, the need to file is triggered if you live in a state (see below) and you meet certain criteria. Filing a federal return – Many states will require you to file state taxes if you’re also required to file federal taxes.

How can I check my state refund?

It’s possible to check you tax refund status by visiting the revenue department’s Refund Information page. On that page you can learn more about the state’s tax refunds and you can check the status of your refund. Make sure to have your SSN, filing status and the exact amount of your refund handy to check your refund.

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Why do I owe state taxes but not federal?

If you live in a state that assesses income tax, then you’ll need to file a state return along with your federal return. The tax bracket you land in at the state level can differ from your federal tax bracket, which is one reason you might owe state taxes but not federal.

Does the IRS deal with state taxes?

Under the State Income Tax Levy Program, the IRS can levy (take) your state tax refund to offset back taxes, addressing any tax debt you might owe.

Which tax return is bigger federal or state?

No, it’s not always greater. Also, you don’t want to enter both amounts. You only need to enter your state tax refund if you itemized deductions on Schedule A in 2015.

Why do we pay state taxes?

Why We Pay State Taxes This money is usually used in order to pay for social services like public housing, welfare, and Medicaid. Other than that, the money usually goes to hospitals, roads, as well as education, state police, and other such things.

Do all states have state income tax?

There are two different income taxes: federal and state income taxes (although a few localities, like New York City, have their own income tax). There are currently nine states without income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

How do you file state taxes?

If your state requires that you file state income taxes, you’ll have to do it separately from your federal income tax return. That’s because the federal government and your state’s government are separate, and you file and pay income taxes to each separately.

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Which states do not have state taxes?

Only seven states have no personal income tax:

  • Wyoming.
  • Washington.
  • Texas.
  • South Dakota.
  • Nevada.
  • Florida.
  • Alaska.

Do states have access to federal tax returns?

By law, the public does not have legal access to any individual’s tax return. The taxing authorities within the state or at the federal level can have access to all income tax records. Additionally, the court system has the ability to order the release of any individual’s tax return data under specific circumstances.

Can I file my state taxes separately?

Yes. You can file them separately. Although state returns can be e-filed with your federal return (or after your federal return has already been accepted), it’s no longer possible to e-file state returns before the federal.

Do I have to file taxes if I made less than $5000?

If your gross income is less than the amount shown below, you’re off the hook! You are not required to file a tax return with the IRS. But remember, if Federal taxes were withheld from your earnings, you’ll want to file a tax return to get any withholdings back.

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