Only the interest received with your FICA refund is taxable. You will receive a 1099-int form. The City of New York will report the interest amount to the IRS. This interest is taxable in the year received. No amended income tax returns for past years are required.

Those individuals who timely return the signed consent form to the FICA Refund Claim Unit by Thursday, April 5, 2007 will receive their refund from the City once the IRS refunds the money to the City. Because the IRS will have to review the claims prior to paying out the refund, we cannot provide an estimate of when these payments will be received by the City. See similar questions...

The City has filed refund claims for both the employer's and employees' share of the FICA taxes paid on LoDI payments received by eligible uniformed members of the City's Correction, Fire, Police and Sanitation departments for a period of six months or less for the years 1989 through 2005. See similar questions...

Yes. Your refund checks will include the amount of FICA taxes withheld from your paycheck that are attributable to LoDI pay received for a period of six months or less AND statutory interest from the date of payment. The interest received is taxable and you will receive a 1099-int form. See similar questions...

If you filed a FICA refund claim with the IRS seeking a refund of FICA taxes paid on LoDI payments received for a period of six months or less and received the refund, circle N for No for each year you received the refund on the consent form. You are not entitled to have this money refunded twice. If you filed for a FICA refund pertaining to LoDI with the IRS and had that claim rejected, circle Y for Yes for that year on the consent form. See similar questions...

Because FICA is paid both by the employer and the employee, and because the City remits the employees' share to the IRS on behalf of the employee, when requesting a refund, federal law requires that the employer also seek refunds on behalf of its employees. Please note, this statutory requirement does not prevent employees from seeking refunds themselves. See similar questions...

The New York Court of Appeals decided in Doctors Council v. NYCERS, 529 N.Y.S. 2d 732 (Ct. App. 1988), that doctors and dentists employed part-time by the City of New York were eligible to participate in a City pension plan. In 1992, this decision was modified to include part-time employees of the New York City Boards of Education and Higher Education. See similar questions...

Your contributions are currently deducted from your pay after taxes. The City does not report the refund of your pension contributions as taxable income to you. If you contributed to the City Employees' Pension Fund for at least five years, you are eligible for interest on your contributions. Interest paid to you on a refund is generally taxable, but may be rolled over to a pre-tax investment vehicle. Please consult your tax advisor. See similar questions...

FICA is the acronym for the Federal Insurance Contributions Act. FICA consists of both Social Security and Medicare taxes. LoDI Payments received for more than six months had previously been deemed to be exempt from FICA tax withholding by the IRS under a separate statutory provision. Only LoDI payments made to an employee for a period of six months or less were subject to FICA taxes. See similar questions...

If you filed for a FICA refund pertaining to LoDI with the IRS and you have not received the refund, circle Y for Yes for that year on the consent form. Yes. You are eligible to receive a refund. In order to obtain your refund, you must complete the consent form by circling Y for Yes or N or No for each year. Failure to return the signed consent form to the City by Thursday, April 5, 2007 will prevent you from being able to obtain your FICA refund. See similar questions...

The vast majority of employees included in the Doctors Council FICA Refund Claim authorized the City to collect their shares of the claim and forward the proceeds to them. A very few individuals did not. See similar questions...

Social Security payroll taxes are collected under authority of the Federal Insurance Contributions Act (FICA). The payroll taxes are sometimes even called "FICA taxes." In the original 1935 law the benefit provisions were in Title II of the Act and the taxing provisions were in a separate title, Title VIII. As part of the 1939 Amendments, the Title VIII taxing provisions were taken out of the Social Security Act and placed in the Internal Revenue Code. See similar questions...

These are mandatory taxes based on the Federal Insurance Contribution Act. All employees, except for students enrolled in at least half time status and certain Non-Resident Aliens, must pay these taxes. FICA taxes are based on a flat percentage of your taxable income. See similar questions...

If you have reported a previous year's state income tax refund on your current Federal income tax return, you must subtract this on your Kansas return by entering the amount of the refund on Kansas Schedule S, Part A, line A10. See similar questions...

If you are not enrolled as a half-time student or more we are required to deduct FICA taxes. FICA tax deduction waivers are not applicable to benefited employees. See similar questions...

FICA contributions are made to the U.S. Department of Treasury, which allocates them to the trust funds to which they are designated. See similar questions...

Yes, the interest is taxable. Combat zone rules do not apply. No federal or state tax is withheld. A 1099-INT is issued no later than January 31st for Savings Deposit Program interest. If you do not receive your 1099-INT in the mail you may contact Customer Support to request that it be reissued to you. See similar questions...

If you have a credit balance as a result of a Federal Direct Loan, a refund will be produced the first week of the semester or the day after disbursement. All other refunds will occur during the third week. See similar questions...