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I have a tax refund from 2023, where does it figure in the 2024 tax return?

 
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I have a tax refund from 2023, where does it figure in the 2024 tax return?

IS MY 2023 STATE OR LOCAL REFUND TAXABLE?

 

If you used standard deduction for your 2023 tax return, you do not have to enter a state or local tax refund you received in 2024.   If you itemized deductions then your state or local refund that you claimed on the 2023 return----and received in 2024---must be entered as taxable income on your 2024 return.  If you  are not sure if you itemized for 2023, look at your 2023 Form 1040 line 12.   Do you see the standard deduction amount or something else?

 

2023 STANDARD DEDUCTION AMOUNTS

 

SINGLE $13,850  (65 or older/legally blind + $1850) 

 

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

 

 MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

 

 HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

 

If you need to enter a state or local refund Go to Federal>Wages & Income>1099-Misc and Other Common Income>State and Local Tax Refunds on Form 1099-G

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

I have a tax refund from 2023, where does it figure in the 2024 tax return?

A Federal tax refund is not reported on a federal tax return.

 

A state tax refund received in 2024 would be reported on a federal tax return if you used itemized deductions on the 2023 federal tax return instead of the Standard Deduction.

 

If you are referring to having the 2023 federal tax refund applied to the 2024 taxes when you filed the 2023 federal tax return -

To enter, change or delete a refund from the prior year applied to this years taxes (Federal, State, Local) -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Estimates and Other Taxes Paid
On Income Taxes Paid, click on the start or update button


On the next screen select the options under 2023 Refund Applied to 2024


Or enter refund applied to this year in the Search box located in the upper right of the program screen. Click on Jump to refund applied to this year


The prior year federal tax refund amount applied is shown on Form 1040 Line 26

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