Why Is My State Tax Refund Higher Than Federal This year many people are receiving much smaller refunds for the Federal or even owing because employers used new tax tables published by the IRS as a result of the new tax laws Those tables caused many taxpayers to not have enough withheld from their paychecks so now their refunds are much lower than expected
Knowing why your state tax is more than your federal tax is the first step to becoming an educated taxpayer with a Tax resolution specialist consultant Knowing the difference between state and federal taxes helps you make better financial choices and prepare for state tax changes Federal income taxes are collected by the federal government while state income taxes are collected by the individual state s where a taxpayer lives and earns income
Why Is My State Tax Refund Higher Than Federal
Why Is My State Tax Refund Higher Than Federal
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11 How To Check My State Refund Status Trending Hutomo
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Why Is My State Tax Refund 0 4 Possible Reasons
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It is possible for that to happen depending on the kind of income you entered on your tax return and on the amount you had withheld from your income for federal and state taxes It is also possible that some of your forms are not ready and you should not trust the calculations at this point WASHINGTON The IRS today provided guidance PDF on the federal tax status of refunds of state or local taxes and certain other payments made by state or local governments to individuals
Federal taxes are generally higher than state taxes because revenue received from federal income tax rates make up the primary funding source for the federal government Conversely state tax rates are lower because property taxes sales tax and local taxes like sewer maintenance and sanitation services are paid by residents throughout the year Federal tax rates are typically higher than state tax rates States can have different credits and deductions States also tax people whether they are a resident or nonresident Gyles says
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If your state refund is taking longer to arrive than your federal refund remember that each state has its own processing protocols and security measures some of which may require more time than the federal process Want to check on the status of your state refund Go to your state s government website to find more information Why is my refund different than the amount on the tax return I filed updated December 22 2023 All or part of your refund may be offset to pay off past due federal tax state income tax state unemployment compensation debts child support spousal support or other federal nontax debts such as student loans
If you paid too much in taxes during the year through payroll withholdings then you may get a refund If you paid too little in withholding then you may owe additional tax If you live in a state that assesses income tax then you ll need to file a state return along with your federal return Why is my state refund so high A state refund can be high as a result of too much withholding It means that more tax was withheld all year from your paychecks than what was necessary to cover what you owe
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This year many people are receiving much smaller refunds for the Federal or even owing because employers used new tax tables published by the IRS as a result of the new tax laws Those tables caused many taxpayers to not have enough withheld from their paychecks so now their refunds are much lower than expected
https://lytaxadvisors.com/blog/why-is-my-state-tax...
Knowing why your state tax is more than your federal tax is the first step to becoming an educated taxpayer with a Tax resolution specialist consultant Knowing the difference between state and federal taxes helps you make better financial choices and prepare for state tax changes
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Why Is My State Tax Refund Higher Than Federal - WASHINGTON The IRS today provided guidance PDF on the federal tax status of refunds of state or local taxes and certain other payments made by state or local governments to individuals
