I am trying to file for a Net Operating loss in a prior year.
Does anyone know if Taxable State tax refunds are considered "non-business income"?
So far I have interest and dividends for that bucket.
Here are the instructions from IRS Pub 536:
Nonbusiness income (line 7). Enter on line 7 only income that is not related to your trade or business or your employment. For ex-ample, enter your IRA distributions, pension benefits, social security benefits, annuity in-come, dividends, and interest on investments.
Also, include your share of nonbusiness income from partnerships and S corporations.
Do not include on line 7 the income you receive from your trade or business or your employment. This includes salaries and wages, self-employment income, unemployment compensation included in your gross income, and your share of business income from partner-ships and S corporations.
