I deducted my estimated workers comp premium in 2016 on Schedule C. It turns out I overpaid so they sent me a refund in 2017 for a portion of it. Is that taxable income?
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Yes (probably).
Assuming you had a bill or something that told you to pay that estimated amount, you will add the refund back on your 2017 tax return.
If you just randomly sent a check without any indication of how much you owed, then it is possible that you may need to amend your 2016 tax return to correct the proper amount. That could be a bit of a "gray area".
Yes (probably).
Assuming you had a bill or something that told you to pay that estimated amount, you will add the refund back on your 2017 tax return.
If you just randomly sent a check without any indication of how much you owed, then it is possible that you may need to amend your 2016 tax return to correct the proper amount. That could be a bit of a "gray area".
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