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Also, if my wife makes money, can she claim me as a dependent even if I'm her husband?
Additional Details
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gg | I already filed my fed taxes. The next day, I got a 1099G for a 2006 state refund? |
I did my taxes online, and filed electronically....I don't remember ever having to report my past year state refund in past years....
What is that 1099g for, anyway? Do I HAVE to file an ammended return? The amount was about $300....does that mean my taxes, or my taxable income will be reduced? Which one? Will I be penalized for amending my return if I end up owing money?
This is new for me. I have no idea what to do.
Additional Details
Thanks guys...I DID itemize in 2006, but not in 2007.
Is it possible the irs won't give me my refund? Or will I just have to pay back the cash I owe? Will there be a penalty, even if I pay it back before April 15th 2008? |
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Judy1
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If you didn't itemize when you filed last year, you don't have to do anything. If you itemized on the return you filed a year ago, and deducted state income tax, then the amount on the 1099G is taxable income to you for 2007 and you'd have to file an amended return adding it on. Your taxable income, and therefore your tax, would be increased but for under $100, and probably under $50. |
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Wayne Z
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Did you itemize last year? (2006).
If you did not and just took the Standard Deduction, you do not have to claim this as income.
If you did itemize, you must amend your return. |
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AM-NM centaur
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State tax refunds are only taxable if you deducted the amount your state tax withholding on your 1040 Schedule A in the previous tax year. |
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cow730622
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If you took a standard deduction last year, you don't have to do anything.
However, if you itemized the deduction last year, then you have to include the state refund as income and file an amended tax return.
Did you take a standard deduction in year 2007 for year 2006, if yes... _> Don't do anything.
Did you take an itemized deduction instead..-> File an amended tax return to include the state tax refund.
Hope this helps! |
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v b
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Okay you itemized. Did you itemize the state taxes or take sales tax?
If you itemize the state taxes then you probably DID get a benefit from the state income tax and the refund needs to be added back. (Look at your 2006 tax return. If you had claimed $300 less in state income taxes, would your tax refund have decreased? Yes, then it's taxable.)
If it's taxable, wait until closer to 4/15 and file an amended return. |
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smancini3
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If you took the standard deduction last year, you will not have to do anything. If you itemize your deductions, then it would be beneficial for you to amend your return. It doesn't cost anything, and assuming that you're in the 25% tax bracket, you would get an additional $75 of refund. |
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Grant Ray came on 12/8/08!
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You have to report State and Fed. every year. You should call a CPA in your area for a professional opinion on what you need to do, they should give you free advice over the phone. |
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bud68
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You'll have to file an amended return. This is why you should NOT file your tax return before the end of January. |
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Moe A
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You will have to file an amended return. Your 1099G (G is for Government) basically says that you received about $300 of refund on your state taxes last year. Believe it or not, that amount is considered as income for this year, so you have to pay taxes on it. So go back to your tax return and amend it. |
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