Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I received a state tax refund 1099-G form for 2002 and it says it could be taxable this year if it was included on my itemized form last year. My question is because it was listed as the total (refund) at the bottom of my form last year, does that count? Do I have include it this year and where?

I believe that you can deduct state taxes paid from your federal adjusted gross income (AGI). When you get a state refund, that money becomes taxable. If you did not deduct the state taxes from the federal tax return, then you already paid tax on them and do not need to do so again.

Fuskie
Who claims to have no tax expertise and does not pretend so...
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
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.
Advertisement