I finally received a refund from my Federal and State income tax. Is the refund I received considered income earned for 2005?
2007-03-06 13:43:46 · 6 answers · asked by Ssky 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
No, it's not earned income. If you itemized deductions and deducted state income tax last year, then your state refund would be taxable income.
2007-03-06 15:26:54 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Your refund is a repayment of taxes that you paid, the money you paid into taxes for 2005 was considered earned in 2005.
The refund itself is not considered earned income in the year that you got the refund.
2007-03-06 22:11:05 · answer #2 · answered by Rob 7 · 1⤊ 0⤋
If you earned money. If you received W-2. Your refund includes many things: your refund is from overpaid federal and state taxes refund and your filing status.
2007-03-06 21:48:49 · answer #3 · answered by Anonymous · 0⤊ 3⤋
u may have to show state refund as income if u had itemised & taken state tax as deduction.
2007-03-06 22:23:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes 2006
2007-03-06 21:46:23 · answer #5 · answered by Anonymous · 0⤊ 4⤋
yes
2007-03-06 21:55:24 · answer #6 · answered by kitty 6 · 0⤊ 2⤋