jmarto1 LSU Fan Houma, LA Member since Mar 2008 10055 posts
1099G State Form (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.
Catman88 LSU Fan Baton Rouge, LA Member since Dec 2004 36365 posts
re: 1099G State Form (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.
re: 1099G State Form (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.
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