I have received $30 state income tax refund which i itemized and took prior year; should I include the $30 in my income this year? if i do where do i reported on a 1040 form?
2007-02-11 04:36:39 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I also read the instruction; to my understanding if your standard deduction is less than your last year itemized deduction then you dont have include that amount into the gross income? am i correct?
2007-02-11 06:48:12 · update #1
You report this on line 10 of the 1040
2007-02-11 05:23:03 · answer #1 · answered by Anonymous · 5⤊ 0⤋
Line 10 is te correct place for this, but make sure you read the instructions and worksheets first. For instance, if you paid AMT last year, you might not have to report it this year.
2007-02-11 14:35:22 · answer #2 · answered by trevdl 2 · 0⤊ 1⤋
No, you don't include a refund as income. A refund is just that, a return of your own money due to an overpayment. Best wishes.
2007-02-11 12:55:17 · answer #3 · answered by tylernmi 4 · 0⤊ 6⤋