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Old 02-03-2014, 05:36 PM
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which form do i use? state refund issue...

I received a state refund in 2013. On the 1040 federal form there is a line #10 to report this as untaxed income. It looks like I can do the 1040EZ or 1040 A this year as the standard deduction is more than my itemized deductions. But there is no line for state tax refunds. Is it ok for me to use the shorter forms or does the state refund send me to the 1040?



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Old 02-03-2014, 10:43 PM
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Quote:
Originally Posted by HOOT519 View Post
I received a state refund in 2013. On the 1040 federal form there is a line #10 to report this as untaxed income. It looks like I can do the 1040EZ or 1040 A this year as the standard deduction is more than my itemized deductions. But there is no line for state tax refunds. Is it ok for me to use the shorter forms or does the state refund send me to the 1040?
It depedns; aslongas your state refund is taxable, then it should be reported on 1040 line 10; if not, you do not need to report the refund on 1040; for reference, to determine if your state tax refund is income on your 1040, you need to look at several things on your 2012 1040. 1. Did you itemize deductions or take the standard deduction? If you took the standard, the refund is not taxable.2. If you did itemize, look at the taxes section of your 2012 Sch A. If you claimed state sales tax instead of income tax, your refund is not taxable. 3. If you claimed state income tax on the Sch A, all or part of your refund may be taxable. Subtract the 2012 standard deduction amount (it should be printed on page 2 of your 1040) from your total itemized deductions.

If the answer is equal to or more than your refund, the entire refund is taxable. If it is less than your refund, that is the taxable portion.



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