I am getting a fairly large refund this year & need to know if this amount is considered as income on next year's taxes & do I have to pay taxes on it?
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1 Best answer
Hal_Al
Level 15
Jun 7, 2019 5:53:56 PM
No, your federal refund is not taxable income to you. It is just a return of "after tax" money.
A state refund MAY be taxable, but only if you had previously deducted that amount on schedule A (itemized deductions) of your federal return.
1 Replies
Hal_Al
Level 15
Jun 7, 2019 5:53:56 PM
No, your federal refund is not taxable income to you. It is just a return of "after tax" money.
A state refund MAY be taxable, but only if you had previously deducted that amount on schedule A (itemized deductions) of your federal return.