Message Font: Serif | Sans-Serif
No. of Recommendations: 0
..but just for clarification I'm still in the process of finishing our tax work - last night I added the information on the 1099-G form on my federal worksheet (I'm using TaxCut) where indicated and got the message about referring to publication 525, thence the question about it being taxable. Since I included it on the federal form, does that mean that I am deducting it?

What did you do last year? Did you report your state tax payments and deduct it from your AGI? If so, then you need to declare the refund this year. If you did not report the state tax payments last year, you should not need to report the refund this year.

Bottom line is that TaxCut should have a help system. If you are really concerned, you may want to contact them or another tax advisor for professional answers.

Who supposes that if you did not report the refund and get audited, you could end up owning penalties...
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.