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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
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June 5, 2019
10:45 PM
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June 05, 2019
10:45 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
If you did not itemize on your 2017 tax return, the state refund will not be added to your income on your 2018 return; however, if the 1099-G for unemployment show any overpayment, that amount will flow to the same line and be reported as income on your 2018 return.
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
Are you sure that there were no fees involved before that deposit hit your bank?
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
I dont remember, but the amount shown here is around 300 and my deposit was over 1000. Doesn't make sense in the big gap.
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
You are referring to what the software is entering as income from the refund you received in 2018 from the state, yes? Do you have a copy of the state return from 2017? Did you get a 1099-G? Did the refund go through a service and include the federal refund?
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
Yes from the software. I do have a copy of 2017's return. I did get a 1099-G for 2018 from receiving unemployment from the unemployment office. I did have Federal taxes taken out of it.
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
On your copy of the 2017 state return, what was the refund amount?
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
1011.00
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
Did you itemize in 2017? If you did not itemize on your 2017 return, the refund is normally not claimed the next year. The reason is that state income tax is claimed on a schedule A. If you claimed the standard deduction, you did not deduct the state tax. But if that is the case, I do not know what the 300 is.
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
Then again, if you did claim state tax on a schedule A on your 2017 tax return, but it made your itemized deduction just 300 more than the standard, you may only need to claim 300
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
I always do a standard deduction. I dont have anything to itemize. Could the 300 be that I paid an over payment to unemployment previously? Before receiving unemployment I had to pay 355 and was making payments to them previously?
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
I did not receive a form for this though. Just a letter stating my overpayment was paid off.
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
was it on the 1099-G?
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
It must have been computed by the entries from your 1099-G.
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
It was not on my 1099 G o I do not have to report this then? Correct?
June 5, 2019
10:46 PM
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State & Local tax was automatically updated by TurboTax as I did taxes last year, but the amount is incorrect. Why? Do I add the correct amount deposited to my bank?
You do not report the state refund, if that is what you are asking.
June 5, 2019
10:46 PM
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