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Tax guys, what does this mean?

Posted on 1/26/15 at 5:26 pm
Posted by DownSouthDave
Beau, Bro, Baw
Member since Jan 2013
7366 posts
Posted on 1/26/15 at 5:26 pm
Received a 1099g from louisiana.

Has a dollar amount in box #1 and 12/31/2013 in box #2. Says it's only a statement, not a bill or refund. What do I do with this?
Posted by Iowa Golfer
Heaven
Member since Dec 2013
10229 posts
Posted on 1/26/15 at 5:38 pm to
You might have got a La. state grant for maybe a flood or hurricane? Could be unemployment. Could be last year's La tax refund if you got one. A 1099G is generally a government grant or payment that is usually taxable. In the case of a disaster it's usually taxable because presumably you wrote off part of the loss, and this offsets that. extent



This post was edited on 1/26/15 at 5:44 pm
Posted by Civildawg
Member since May 2012
8549 posts
Posted on 1/26/15 at 5:43 pm to
I got one also and from what I have read, it's from your tax refund the previous year. I could be totally wrong though. I was wondering same as you and just googled it
This post was edited on 1/26/15 at 5:44 pm
Posted by LSUFanHouston
NOLA
Member since Jul 2009
37025 posts
Posted on 1/26/15 at 5:53 pm to
May be for the refund of state taxes.

If you itemized state taxes in 2013 on Sch A, you may need to pick this up in income for 2014 on your federal return.
Posted by DownSouthDave
Beau, Bro, Baw
Member since Jan 2013
7366 posts
Posted on 1/26/15 at 6:07 pm to
What does that mean? Sorry, I'm a turbo tax guy and I am ignorant to all the tax stuff. I only put in what it tells me. But I think I did itemize last year.

So that number is income I should have reported somehow? No unemployment and no other abnormal occurrences that I can remember.

The short of it, is this going to cost me or get me a bigger refund?

Also, thanks for the info fellas.
Posted by krehn11
IA
Member since Jul 2011
1486 posts
Posted on 1/26/15 at 7:30 pm to
Assuming it's from state income tax refund from last year, it'll increase your taxable income and increase your tax liability
Posted by LSUFanHouston
NOLA
Member since Jul 2009
37025 posts
Posted on 1/26/15 at 9:28 pm to
There was a thread on here a few days ago, but I can't find it.

If you itemized deductions, and took the deduction for state and local income tax, then you took a deduction for the total amount of tax paid and withheld. Which if you got a refund, means, you deducted too much.

So since you deducted too much in one year, you may have to pick up the refund in the next year. If you get refunds each year, this process probably will repeat itself.
Posted by madchef
Louisiana
Member since Aug 2008
20 posts
Posted on 2/4/15 at 8:49 pm to
This is a statement for your Louisiana tax refund you received for the 2013 Tax year.

You need to claim this on your 2014 Federal tax return. This amount will count as income, and yes it will increase your tax liability.
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