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Level 1
June 8, 2022
Question

Tax refund affect reported income?

  • June 8, 2022
  • 1 reply
  • 10 views

We received an unusually large federal refund this year.  Haven't received a refund in years.  Will it affect my income reported next year and if so, will I have to make estimated payments this year for next year's tax return to avoid a penalty? 

    1 reply

    Level 15
    June 8, 2022

    Federal tax return refunds do not affect your future federal income tax liability and are not reported on your federal income tax return in the following tax year.