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IRS W-2 2023 North Carolina: What You Should Know

When you claim a deduction for federal income tax withholding, you cannot reduce the amount of federal income taxes withheld. As you can see above, an employee who receives an amount under 600 during the year can only claim a federal income tax refund of 500. The total amount that could go unrecognized because the employee received a refund is 600 minus 500 for a total of 400. Do the math, no matter what income tax returns a W-2 must file, it must be filed prior to the close of the year following the year the W-2 forms is signed. As a result of this requirement, many, if not most, taxpayers may not realize they are eligible for a refund of certain income taxes withheld and/or a deduction for the tax withheld, until late January. Many taxpayers claim a refund of the withheld income tax in earlier tax returns, then later discover in a Form 1040, 1040A or 1040EZ that this claim should be made for the income taxes withheld and withheld taxes claimed. The reason for the tax refund or deduction is not clear, perhaps the tax was overpaid, but the tax refund or deduction does not reduce the employee's taxes due. However, if the refund or deduction reduces an employee's income for the tax year, you must follow the normal procedures to collect it, even though it may not reduce its tax due by the amount claimed. The refund may not be large because it reduces that employee's taxable income. It is reasonable that this may not reduce the employee's total tax payment, but it is important that you do not let the refund or deductible reduce the amount paid in the future. The refund or deduction is due and payable on the date of filing the tax return(s). You must return the refund or deduction within 10 days after filing the tax return(s); otherwise, it becomes a debt, and is subject to collection. If you do not remit the refund or deduction within 10 days, you are not obliged to pay the taxpayer any interest, collection costs or expenses for the amount overdue. If you pay the money on time, that payment will reduce your tax payment for the year. Even if you fail to pay the tax owed, you still have several years to file a claim for the refund or for an additional refund or deduction owed. Taxpayers can receive tax refunds, and can claim a deduction.

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