Hello.
Last year I got the Colorado refund that was bigger than what I see in the Box 2 of the Form 1099-G.
When I go to "Wages & Income"/"Refunds Received for State/Local Tax Returns", I see the question "State and Local Tax Refund Summary". Here I can fill in the "Colorado Total Refund Received in 2024". Even if it's not mentioned that the 1099-G value from the Box 2 should be used, 1099-G is mentioned twice on this page including "What if I didn't get a 1099-G?". When I click on "What if I didn't get a 1099-G?", it says
What if I didn't get a 1099-G?
Don't worry if you didn't get a 1099-G. Some states are going paperless and don't send forms. You can find the information you need about your state or local refund on:
- Last year's state tax return
- A notice from your state or locality
- Your bank statement showing a direct deposit of your entire state or local refund
which indirectly looks to me like I only should be using the actual CO refund amount deposited to me ONLY if I didn't get the 1099-G.
Also, I did the parallel tax preparation with H&R Block just to ensure the quality of preparation. In H&R Block has this same question worded like "Form 1099-g - Enter State and Local Income Tax Refunds" and the box where to fill it in is called "Refund amount (box 2)" which obviously refers to that of 1099-G. Also, it mentions "Your Form 1099-G box numbers might not match exactly".
So, when I used the Colorado refund amount from 1099-G, the federal and Colorado refunds were identical in TurboTax and H&R Block. When in TurboTax I tried the actual amount deposited to me, both state and federal refunds changed very significantly.
My question is: please confirm that in TurboTax, I need to use the value from the Box 2 of the form 1099-G even if TurboTax doesn't clearly state about 1099-G.
Thank you.
