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If your parents earn more than the allowable gross income for the tax year in question ($4,700 per parent in 2023), then they would not be eligible to be claimed as a dependent by anyone else.
Even if you aren’t required by your state to file a return, it’s worth your while to do so if you overpaid your state taxes and have a refund coming, or if you are eligible for state tax credits.
The average federal income tax refund in 2024 was $3,138 based on IRS data through Dec. 27, down 0.9% from the same period in 2023. ... But because the extension only applies to filing a tax ...
The child tax credit was substantially expanded for one year under the American Rescue Plan Act of 2021 (ARP), a stimulus bill passed during the economic downturn caused by the COVID-19 pandemic. The ARP increased the credit to $3,600 per child under the age of 6 and $3,000 per child between the ages of 6 and 17 (note that it increased the ...
The tax agency says that most refunds are issued in fewer than 21 calendar days. That means someone who files their taxes on Jan. 27 could receive their refund by February 17, if all goes smoothly.
The Tax Cuts and Jobs Act of 2017 eliminates personal exemptions for tax years 2018 through 2025. The exemption is composed of personal exemptions for the individual taxpayer and, as appropriate, the taxpayer's spouse and dependents, as provided in Internal Revenue Code at 26 U.S.C. § 151.
Federal Tax Refund vs. State Tax Refund. Many taxpayers don't realize there's a difference between state and federal income tax refund timeframes. The IRS typically processes electronic federal ...
8 Reasons Your Tax Refund Could Be Late in 2024 — and When To Take Action. ... they are entitled to a tax refund. Usually, the quicker you file a return, the sooner you get a tax refund ...