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Get your taxes done using TurboTax
My pleasure Rob!
So the short answer is... sometimes.
No - If it's the federal refund, you do not report that as income.
Yes - If it's the state refund and you itemized deductions last year.
No - If it's the state refund and you took the standard deduction last year (did not itemize).
The federal refund would be the net overpayment of taxes due on your income, funds which are deservedly yours after total tax liability has already been determined.
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‎July 28, 2021
1:57 PM
2,381 Views