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IRS 1099-MISC 2023 for Alameda California: What You Should Know
B corporation, C corporation, D corporation, F corporation, G corporation, LLC, partnership, trust, or individual with less than 10,000 in taxable income for the taxable year. What happens to the excess tax in the excess of the amount withheld? There will be no backup withholding and the amount will be remitted to the IRS to be distributed to you if: 1. you pay the excess amount with regular payment 2. your payer has a quarterly filing requirement 3. the amount you pay over the full withholding requirement is more than 5% of your gross income from self-employment on Form 1040 or Form 1040NR. For example, if you have an AGI greater than 20,000 for the calendar year and were required to pay 12% in backup withholding, you may not pay the excess amount of 2,600 to the County. However, if the excess amount that you pay over the full withholding requirement, if any, is more than 5% of your AGI, the excess amount will be taxed to you as ordinary income at your regular individual income tax rate (currently 14%) The County, and the State, do not consider the excess amount to be income for federal income tax purposes. What happens to excess amounts that the County pays toward a refund claim? The excess amount of the payment is treated just like any other payment that we make to you. We do not treat the payment as income subject to backup withholding. When you make a payment on an account to the County for tax or fee payments, the amount due is first reduced by the amount of the payment, if any. The reduction is made as of the date of payment, and you are subject to the payment's payment schedule as if the payment were made on the due date. What do I do if I receive a return to file or to dispute? You may file a return by filing a completed return, and then mail the completed return, along with your nonrefundable registration fee, to the address below: P.O. Box 718 Alameda, CA 94506 What happens to the excess amount I paid towards a refund claim for tax year 2017? There are no additional withholding, tax refunds, or interest, since the excess payment did not exceed 5% of your AGI for this year. A refund or a deposit will not be made under the provisions of IRM 18.104.22.1685.0.
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