The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  https://boards.fool.com/what-you-really-need-to-do-is-recalculate-your-25125560.aspx

Subject:  Re: State refund question Date:  2/3/2007  3:26 PM
Author:  fleg9bo Number:  91662 of 130965

What you really need to do is recalculate your amended 2003 return as if you had not deducted the portion of the income taxes that were refunded. Then compare that to the amended return as you filed it to see if the taxes provided any benefit. If they did not, then the refund is not taxable.

OK. Then all I've got to do is haul my old computer and monitor out of the closet where I've got 2003 TT installed along with my 2003 returns. Could be worse--I could do it by hand, with the cap gains worksheet, AMT and some etc.

Thanks for both responses.

--fleg
Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us