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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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.

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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.

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