In 2006 i received $2000 money back from the fed for 2005.now in 2007 i am doing my taxes for 2006 do i have to claim the money i got back in 2006 for 2005 as income for 2007???
2007-02-21 10:52:36 · 7 answers · asked by SILVINO R 1 in Business & Finance ➔ Taxes ➔ United States
no you do not have to claim that refund on this years taxes
if you itemized but didn't take a deduction for State income taxes paid, the state refund is not taxable.
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2007-02-22 09:19:15 · answer #1 · answered by ellen h 2 · 0⤊ 0⤋
No, you do not have to report a 2005 refund as income on your 2006 federal return. May vary for your state, however, in NY for example you must report your state refund, although most likely it won't be taxed.
2007-02-21 18:59:38 · answer #2 · answered by Doug G 1 · 0⤊ 0⤋
The money that you recieved in 06 was the money that the government owed your. You payed to many taxes or so, or you claimed a dependent and you got your money back. That is not considered income. You do not have to claim your tax return on your tax return. Only wages you worked for (whatevers on your W-2) or any tips if you waited tables. Hope this helps!!
2007-02-21 19:02:16 · answer #3 · answered by Mom to a MicroPreemie 3 · 0⤊ 0⤋
No, a Federal refund is NEVER taxed.
State refunds may be taxable if it was for a year that you itemized deductions and claimed a deduction for State income taxes paid. If you didn't itemize, or if you itemized but didn't take a deduction for State income taxes paid, the state refund is not taxable.
2007-02-21 19:02:45 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No, you don't get to deduct federal taxes from your federal return, so don't have to claim refunds either.
If you get a refund from the state, and itemized the previous year and claimed it as a deduction, then you'd have to claim the state refund - if you didn't take a deduction for it the previous year, you would not claim the refund as income.
2007-02-21 19:02:21 · answer #5 · answered by Judy 7 · 0⤊ 1⤋
Not on your federal tax return filing but here in California you have to declare yor federal refund on you state return.
2007-02-21 19:01:08 · answer #6 · answered by RUDOLPH M 4 · 0⤊ 0⤋
no you do not have to claim that refund on this years taxes
2007-02-21 19:00:36 · answer #7 · answered by yosi22 3 · 0⤊ 0⤋