What are Taxable Refunds and credits & Requirements to Report?

Category : Income Tax Filing Across The USA
Posted On : 6th Oct 2009

Taxable refunds, credits or offsets of state and local income taxes

 Income tax may also be levied by individual U.S. states and are on top of the federal income tax. However, state and local income taxes are deductible for federal tax purposes.

 

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