Did you pay alternative minimum taxes on your 2013 & 2014 returns? If "yes", some portion of the amount is taxable, if "no" all of the refund is taxable. To determine if you paid alternative minimum taxes, look on your 2013 & 2014 returns and look for an amount on the alternative minimum tax line in the "Other Taxes" section of Form 1040 or Form 1040A.