..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.FuskieWho supposes that if you did not report the refund and get audited, you could end up owning penalties...
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra