I can't find an answer for this anywhere. Do I have to report my federal refund from last year as income on my taxes? I know I have to report my state refund, but I can't find anything about my federal.
2007-02-18 07:08:23 · 4 answers · asked by URwhatUread 2 in Business & Finance ➔ Taxes ➔ United States
No.
And you don't report your state (or local) refund as income - UNLESS you itemized the previous year and took it as a deduction.
If you used the standard deduction last year - no refunds are reportable as income.
2007-02-18 07:14:00 · answer #1 · answered by Anonymous · 2⤊ 0⤋
No, you don't report a federal refund. You couldn't deduct the payment in the first place.
You only report a state or local refund if you itemized the previous year and deducted state or local income taxes.
2007-02-18 10:33:30 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
federal refund isn't reportable earnings, the activity on a overdue refund is to be claimed regardless of the undeniable fact that and particular, in case you itemized final 300 and sixty 5 days claiming your complete state earnings taxes any refund of that's reportable
2016-11-23 17:01:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The federal refund isn't reportable income. The refund isn't income-it's the overpayment of your federal withholding that the government is sending back to you. Yay!
2007-02-18 07:12:29 · answer #4 · answered by SuzeY 5 · 1⤊ 0⤋