31
Jan
Jan
I received a small dividend check ($33.50) from my insurance company, State Farm. Does this have to be reported as income (I would assume the answer to be yes).
Answer:
An insurance policy dividend represents an amount that you were overcharged for your insurance because State Farm had a lower than expected claims rate. It is not taxable. If it were, you would receive a Form 1099.
Answer:
yes.
Answer:
If your total income is below the filing threshold ($8,750 for single) and you have less than $400 of self-employment income, then you will not need to file a tax return. However, if it is not the case, I would go ahead and include the dividend on your return since IRS may check your tax return to make sure that the amount you reported as dividends matches the amount reported on the 1099.
Answer:
You may have to wait after Jan 31st for the 1099 to arrive if its a dividend.
It might just be an overpayment of your premium ?
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on Thursday, January 31st, 2008 at 11:42 pm and is filed under Taxes.
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