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Started By
Message
1099G State Form
Posted on 1/25/13 at 12:15 pm
Posted on 1/25/13 at 12:15 pm
Received one of these in the mail and have never received this before. Could someone break down what I need to do with this? Not sure if I need to add it to income or not.
4
Posted on 1/25/13 at 12:25 pm to jmarto1
You need to report your state refund as income on your federal return....
Posted on 1/25/13 at 12:27 pm to Corn Dawg Nation
Will they have a specific field for that? I assume I shouldn't add it into this year's income.
Posted on 1/25/13 at 12:32 pm to jmarto1
Yes, it'll be similar as to how you add your w-2 if you use turbo tax or something similar.
Posted on 1/25/13 at 12:33 pm to Corn Dawg Nation
Yea, I use Turbo Tax. I'll just look for when they ask for the 1099G. Surprised I've never received one of these before.
Posted on 1/25/13 at 12:39 pm to jmarto1
they are taxing your returns.
Posted on 1/25/13 at 12:39 pm to oldcharlie8
Yea, I've figured that out. Is it a relatively new thing? I've always received a good bit back from state and have never received this.
Posted on 1/25/13 at 12:56 pm to jmarto1
I dont really understand how its considered new income and not income already taxed.
If I make 100 in Year 1 and uncle same take 20 dollars of it for himself then the State takes 10 dollars of it but should have only taken 5. Then how is getting my 5 dollars back new income? The 100 dollars was already taxed at 20% by Uncle Sam.
Im guessing it has more to do with state taxes being deductable. So paying the diff of the deductable amount may be what is goign on. Never paid enough attention to it.
If I make 100 in Year 1 and uncle same take 20 dollars of it for himself then the State takes 10 dollars of it but should have only taken 5. Then how is getting my 5 dollars back new income? The 100 dollars was already taxed at 20% by Uncle Sam.
Im guessing it has more to do with state taxes being deductable. So paying the diff of the deductable amount may be what is goign on. Never paid enough attention to it.
This post was edited on 1/25/13 at 1:03 pm
Posted on 1/25/13 at 1:23 pm to jmarto1
It's only taxable if you wrote it off last year.
Example-
you paid in and deducted $1000 in state tax on 2011 return.
Then you did state return and got $300 back for refund.
Now you get 2012ty 1099g for $300. This would be income for 2012 bc you wrote it off but got it back.
Capeesh?
Example-
you paid in and deducted $1000 in state tax on 2011 return.
Then you did state return and got $300 back for refund.
Now you get 2012ty 1099g for $300. This would be income for 2012 bc you wrote it off but got it back.
Capeesh?
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