I received a federal from my 2015 taxes but don't know how to declare that income in the 2016 Turbo Tax Premier.

posted

Connect with an expert

1 Best answer

Accepted Solutions

I received a federal from my 2015 taxes but don't know how to declare that income in the 2016 Turbo Tax Premier.

Federal tax refunds are not taxable income. You do not have to enter a refund from the IRS into TurboTax.

State tax refunds may or may not be taxable income, depending on whether you itemized or took the standard deduction in the year that caused the refund.

For more information, please see Taxability of State and Local Tax Refunds

View solution in original post

2 Replies

I received a federal from my 2015 taxes but don't know how to declare that income in the 2016 Turbo Tax Premier.

Federal tax refunds are not taxable income. You do not have to enter a refund from the IRS into TurboTax.

State tax refunds may or may not be taxable income, depending on whether you itemized or took the standard deduction in the year that caused the refund.

For more information, please see Taxability of State and Local Tax Refunds