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Is it a typo or not a typo?: Enter Voluntary Contributions -- Note: These contributions will increase your tax due or reduce your refund.
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June 4, 2019
9:54 PM
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Retirement tax questions
What do you think is wrong with that? What state? If you want to add a contribution to one of the funds listed it is added to your tax due or comes out of your refund.
June 4, 2019
9:54 PM
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Retirement tax questions
Shouldn't the contributions not affect the tax due? This sentence is missing the word NOT.
June 4, 2019
9:54 PM
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Retirement tax questions
No. You are making an extra contribution out of your refund or adding it to your tax due.
June 4, 2019
9:54 PM
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Retirement tax questions
They affect your tax due because they are adding it to your tax due.
June 4, 2019
9:54 PM
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Retirement tax questions
Say you have a $500 refund. You can contribute $20 of it so you will only get back 480.
June 4, 2019
9:54 PM
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Retirement tax questions
If I owe 100 to the state, and elect to donate 25, my tax due will be 125.
June 4, 2019
9:54 PM
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Retirement tax questions
Thus "These contributions will increase your tax due or reduce your refund"
June 4, 2019
9:54 PM
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Retirement tax questions
So, seriously I hope you have a better understanding and thank you for bringing what you thought could be an error to our attention.
June 4, 2019
9:54 PM
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Retirement tax questions
If this is for the state return, NOT a typo.
Some states "allow" you to make donations through your tax filing, but they are not deductible contributions on the state return. The state is just being nice enough to take your money and give it to these select few organizations.
You CAN claim the contribution on next year's Federal return.
June 4, 2019
9:54 PM
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Retirement tax questions
Sounds like there is a typo then, because the note doesn't have the word NOT.
June 4, 2019
9:54 PM
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Retirement tax questions
As I said, they are not deductible on the state return so YES they WILL increase your tax or lower your refund.
June 4, 2019
9:55 PM