Jump to content
ATX Community

Previous Year State Tax Refund


Yardley CPA

Recommended Posts

New client, MFS, had state tax refund last year.  Where is the ATX schedule that allows you to input the previous year's Schedule A information to determine if the previous year's refund is taxable on this years return?  I know Schedule 1 contains the line to input the refund, but when you jump to the corresponding schedules, I do not see anywhere to input previous years Schedule A information.  

Link to comment
Share on other sites

I thought you had only to compare the amount of the refund vs the standard deduction. So if the refund was $2,000 and the standard deduction was $9,350, as long as the itemized deductions were more than $11,350, the whole refund was taxable.

I normally only overwrite that box.

  • Like 1
Link to comment
Share on other sites

1 hour ago, Lion EA said:

AMT. What would've been the Sales Tax deduction. Maybe something else I'm missing.

If you claimed sales tax the year before, and if your tax was zero (no tax benefit).

When there's AMT, we open up last year's return and reduce the income tax deduction by the amount of the refund to see if the federal tax changes. Then we print page 2 of the 1040 and the Sch A to prove it's not taxable.

This is where closing without saving is such a great idea.

  • Like 1
Link to comment
Share on other sites

  • 4 weeks later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...