132694
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

ebeetley2
New Member

IState refunds are not considered income?

I am not sure what you mean when you listed my refund from the State as income.  I do not have to report it as income the next year.
, and the interest from the Bank was on  my checking account.  I did not get a 1099-R for it from the Bank.  The amount was on the last statement  for 2015.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
WillK
Intuit Alumni

IState refunds are not considered income?

State refunds are considered income for the following year if you itemized your deductions which caused the refund to occur. If you itemized in 2015 and you got a state refund, then you need to report that on your 2016 return. 

You will not get a 1099-INT if the amount of interest is less than $10.00. It doesn't matter if it is a checking account or a savings account, the interest that shows on your last statement for 2015 is what you will need to report. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
WillK
Intuit Alumni

IState refunds are not considered income?

State refunds are considered income for the following year if you itemized your deductions which caused the refund to occur. If you itemized in 2015 and you got a state refund, then you need to report that on your 2016 return. 

You will not get a 1099-INT if the amount of interest is less than $10.00. It doesn't matter if it is a checking account or a savings account, the interest that shows on your last statement for 2015 is what you will need to report. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question