Why sign in to the Community? Submit a question Check your notifications Sign in to the Community or Sign in to TurboTax and start working on your taxes. Community : Discussions : Taxes : Get your taxes done : I am filling out the information for my G for Enter a search word. Turn off suggestions. Enter a user name or rank. Turn on suggestions. Showing results for. Search instead for. Did you mean:.
New Member. I am filling out the information for my G form. Is "Payer Name" my name? The most common uses of the G are to report unemployment compensation and state and local income tax refunds. If you receive a G, you may need to report some of the information when you file your income tax return. Federal, state, or local governments should file Form G to report if they received payments on a Commodity Credit Corporation CCC loan, or if they paid out:.
The left side of the form includes details about the payer the government that made the payment and the recipient you, the taxpayer , including names, addresses, tax identification numbers TIN , and any associated account number. The right side of the form has 11 boxes. If you received unemployment compensation; state or local income tax refunds, credits, or offsets; or one of the other listed government payments, the filing agency will send you a copy of Form G by Jan.
There are five copies of the G. When a federal, state, or local government files Form G, the IRS receives Copy A, the state tax department gets Copy 1, you get Copy B and also Copy 2 to file with your state income tax return if required.
Internal Revenue Service. Income Tax. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance.
Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. To avoid the confusion that may be caused by sending multiple statements for the same tax year, we issue a single statement showing separate refund and interest amounts.
If you prepare your own taxes, you should review the federal return instructions for reporting state income tax refunds, or visit the IRS website for more information. If a tax professional handles your taxes, you should give this statement to the preparer, along with your other tax information, such as W-2s.
You may need to report both amounts as income. If so, the interest would be included with the other interest income you report on your federal return. For information on federal reporting requirements, visit the IRS website. In computing itemized deductions on your federal tax return, you are allowed to deduct state income taxes paid during the year. Most people deduct the amount of income tax withheld, as shown on Form W-2, plus any Virginia estimated tax payments they made during the year.
Since this deduction reduces federal taxable income, if any part of the state tax deducted on the federal return is later refunded, that amount has to be reported as taxable income for the year in which the refund is issued. Therefore, Mr. Virginia law requires us to apply refunds or credits to outstanding bills. The application of funds doesn't change the fact that you claimed an overpayment for the year on your statement.
Even though you didn't actually receive a check, an overpayment transaction took place, and you are subject to the same federal reporting requirements as if you had received a refund check. A refund and a credit are simply different types of overpayment transactions. As a result, you are subject to the same federal reporting requirements as if you had received a refund check. We are required to report refund transactions in the year they actually occur.
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