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Get your taxes done using TurboTax
It depends.
There isn't any clear guidance on excess amounts being reimbursed. As a general rule, any excess amounts reimbursed where the fair market value exceeds your services (or in this case, your prior payment), could potentially be considered taxable as miscellaneous income. Please see this link for additional guidance on taxable and nontaxable income.
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‎June 20, 2024
5:08 PM