Welcome Guest. Register Now!  


For 2013 Tax Tips For Year 2013.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-03-2014, 05:36 PM
Junior Member
 
Join Date: Feb 2014
Posts: 1
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?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-03-2014, 10:43 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
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.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
state return issue arsenal14ever Filing Requirements 1 03-12-2013 10:06 AM
Multi-State Tax issue jpeg Income 5 04-06-2011 03:37 PM
Will New York State mail me a Form 1099-G, Statement for Recipients of State Income Tax Refund for 2010? TaxGuru New York 0 01-26-2011 11:37 AM
Is my State Tax Refund taxable on my federal and state tax return? Amir Income 1 02-11-2007 01:01 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.