Understanding the 1099-G Federal Tax Form

Front

What is the primary purpose of the 1099-G federal tax form?

Back

To report income received from government sources

Front

Which of the following is NOT a type of income that may be reported on a 1099-G form? Unemployment benefits, State and local tax refunds, Agricultural payments, Wages from a private employer

Back

Wages from a private employer

Front

A taxpayer receives a 1099-G form showing a state tax refund. What should the taxpayer do with this information when filing their federal tax return?

Back

Report the refund as income if required by IRS rules

Front

Explain why it is important for a taxpayer to review the information on their 1099-G form before filing their tax return.

Back

To ensure the reported income is accurate and avoid IRS penalties

Front

What is the primary purpose of the 1099-G issued by the Louisiana Department of Revenue?

Back

To reflect the amount of tax overpayment recorded on the state return for the prior year

Front

According to the learning material, which line on the 2024 IT-540 form is referenced to determine the overpayment amount for the 1099-G? Options: Line 23, Line 30, Line 31, Line 38

Back

Line 31

Front

What tool can be used to help determine how the 1099-G was calculated and if a taxpayer is due to receive a 1099-G? Options: Tax refund estimator, 1099-G calculator, Income tax table, W-2 summary tool

Back

1099-G calculator

Front

Based on the diagram, what may reduce the overpayment amount shown on line 31 of the 2024 IT-540? Options: Overpayment of estimated tax penalty, Underpayment of estimated tax penalty, Additional income reported, Charitable contributions

Back

Underpayment of estimated tax penalty

Front

If a taxpayer wants to access the 1099-G calculator, what steps should they follow according to the material? Options: Click "refund" then "summary", Click "period" then "other", Click "income" then "details", Click "taxes" then "calculator"

Back

Click "period" then "other"

Front

A taxpayer notices that the 1099-G amount does not match the overpayment amount on line 31 of their return. What is a possible reason for this discrepancy?

Back

The overpayment may be reduced by the underpayment of estimated tax penalty.