- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
It would be the difference between what your tax would have been had you taken the Standard Deduction, and the increase that you just calculated.
So, say the refund was 1,000. If the deduction resulted in saving 500 tax, but if you took the standard deduction, your tax would have gone up by only 400, you would only claim 400 of the refund.
If the deduction was 2,000, but your state tax was limited by the SALT limit, in the amount of 2,000 or more, the limit would offset the refund and you would not need to report any of the refund.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 12, 2024
2:14 PM