In which year shoud I report the tax refund?

Mar 11, 2017 1 Replies

I filed my 2015 State tax return in Oct 2016 (with extension) -- with the over payment to be applied to 2016 State taxes. However, the State sent me a bill claiming I owe them taxes -- because they eliminated a tax credit that I qualified for. I responded with a "protest" of the bill; and show them why I am entitled to the credit. They asked for more info. 3 mos later, I found that they lost my mailed info. Long story short, on 3/7/2017, they finally informed me that the "Overpayment of tax allowd to next period $xx". And they also send me a cash refund of $yy [because Turobtax missed a credit that I qualified for -- TT has a quirk that they never fix, which I found out this year because TT again didn't put in that credit.]



So my total refund for 2015 is $xx+yy [= $zz].



I have filed my 2016 Federal tax return *without* the State Refund. I have not yet filed my 2016 State return yet. I assumed when I filed my 2016 State return, the $xx will go into the calculation of how much I overpayed this year???



My next question is: Do I need to amend my 2016 Federal tax return -- depending on which year I am deemed to received the State tax refund -- 2016 or 2017. [I itemized my deductions on the Federal returns; but State income tax/refund has no impact on the State tax returns.]



TIA


I apparently can't quote on my smartphone.

You received the refund in 2017, so, to the extent it affected your Federal income on whatever return you deducted the payments, it's taxable for 2017.

-- Arthur Rubin, AFSP, CRTP, Brea, CA

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required