Hi Pros!
I'm doing my 2023 taxes now, so I logged into the IRS website to check my "Wage & Income Transcript" and I see that New York State has reported a 1099-G for year 2019 for the amount of $5,000. This $5,000 was paid as "estimated taxes" and I ended up owing nothing to NYS, so they refunded me the full amount of $5,000.
Am I correct in thinking that this $5,000 should not be considered as taxable income? If so, how do I prevent TurboTax from treating it as taxable income in the "state refund section"?
Thank you!
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State refunds are only taxable in the year received if you deducted them in a prior year as an itemized deduction on Schedule A.
If you did not itemize, you can enter $0 as the taxable amount of your refund. To do so, please follow the instructions below:
State refunds are only taxable in the year received if you deducted them in a prior year as an itemized deduction on Schedule A.
If you did not itemize, you can enter $0 as the taxable amount of your refund. To do so, please follow the instructions below:
thank you so much for confirmation!!
I did, in fact, itemize my deductions in 2019 and included that amount in the deduction, so the refund I received from NYS in 2023 for that overpayment is in fact taxable.
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