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Financial Planning / Tax Strategies


Subject:  Question about refunds Date:  2/5/2003  4:46 AM
Author:  medgoddess Number:  63500 of 127637

When do you need to call them income? For example, I did NOT deduct state/local taxes on my 2002 (the standard deduction was better for me). I will receive a small refund for the 2002 taxes in 2003.

I should be able to itemize in 2003. Do I need to include the refunds as income on the 2003 taxes if I'm going to itemize? I wasn't clear on it from the IRS site.

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