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Was my last year's refund taxable this year

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Money Talk > Taxes

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nemoryer
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Was my last year's refund taxable this year  Reply with quote  

Hello, I am a retiree living in Washington state.

Last year I received a refund from the IRS in the amount of $1217.

As I'm going through my TurboTax preparation online for the 2010 return and am nearing the end of the form, I do not recall them asking me (under the INCOME SECTION) if I had a refund last year and if so, to declare it.

Because I am a homeowner I think I had to do the TurboTax Deluxe but my forms are really very very simple.

Can someone please help?

Thank you.
Post Sat Jan 15, 2011 8:51 pm
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oldguy
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For most of us, the IRS refund is taxable on our State income tax return - but I don't think WA has a state tax? But, no, the refund is not reported on your Federal Return.
Post Sat Jan 15, 2011 11:29 pm
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nemoryer
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THANK YOU.  Reply with quote  

THANK YOU VERY MUCH.
Post Sun Jan 16, 2011 3:59 am
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coaster
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For those folks who have Turbo Tax, and have a state income tax, the Turbo Tax interview will ask about tax refunds.

In Wisconsin, a state refund is taxable on the Federal return (because state income taxes are deductible, so more or less state tax affects Federal taxable income); but a Federal refund isn't taxed by the state, because it had no effect on the previous year's taxable income.
Post Sun Jan 16, 2011 4:39 am
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