I received a state tax refund for tax year 2014 in January 2016. Therefore I need to report it in my 2016 return. I accidentally already reported it in my 2015 return though. To avoid being taxed twice on it, where and how in Turbo Tax can I take it back out?
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You need to report it on your 2016 tax return as income (assuming you itemized deductions and took a deduction for state tax paid in 2014). Then amend your 2015 tax return, and remove the income on the amended return. You can't handle the issue completely in your 2016 return; you must amend 2015 as well.
You need to report it on your 2016 tax return as income (assuming you itemized deductions and took a deduction for state tax paid in 2014). Then amend your 2015 tax return, and remove the income on the amended return. You can't handle the issue completely in your 2016 return; you must amend 2015 as well.
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