3575261
Hi
If I get tax refund this year, do I need to report it to IRS as income next year?
Thanks,
Helen
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No. Your federal tax refund is not taxable on your next federal tax return. If you itemize deductions on your 2024 tax return and receive a state income tax refund, that state refund will be taxable on next year's federal return.
A federal refund is never taxable or deductible. However, if you itemize your deductions, and include your state taxes on these deductions, the state portion of your refund will become taxable for next year.
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