Mom Confessions
Are tax refunds from prior year taxable income the following year? We got $21k back last year and I want to make sure we won't be paying tax on it this year.
Replies
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no
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bump no idea
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Holy shit you got a lot back. I'm not sure about your question but our returns were never used as a taxable income.
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How the hell did you get 21k back? Holy hell.
No it is not taxable income. -
you pay them on state not federal. Did you have a tax credit? I recieved about that much last yr but 13,170 was an adoption tax credit -
Adoption tax credit
Quoting Anonymous:
How the hell did you get 21k back? Holy hell.
No it is not taxable income. -
$13, 360 was adoption tax credit. Rest was regular refund.
Quoting AdoptingMommy:
you pay them on state not federal. Did you have a tax credit? I recieved about that much last yr but 13,170 was an adoption tax credit -
ok, So did they pay you intrest on it (ours took a while bc they audited it) They will put in the intrest which i think for us was only 120.00 or so, but nothing bad. The only thing else that will go into it is the state. You will be good!
Quoting Anonymous:
$13, 360 was adoption tax credit. Rest was regular refund.
Quoting AdoptingMommy:
you pay them on state not federal. Did you have a tax credit? I recieved about that much last yr but 13,170 was an adoption tax credit
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No. They sent us a letter it was under review and they had 45 days before interest would be added. They deposited on the 45th day.
Quoting AdoptingMommy:
ok, So did they pay you intrest on it (ours took a while bc they audited it) They will put in the intrest which i think for us was only 120.00 or so, but nothing bad. The only thing else that will go into it is the state. You will be good!
Quoting Anonymous:
$13, 360 was adoption tax credit. Rest was regular refund.
Quoting AdoptingMommy:
you pay them on state not federal. Did you have a tax credit? I recieved about that much last yr but 13,170 was an adoption tax credit
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If you itemize your deductions your state refund is taxable. If you take standard it is not. Your federal refund is not taxable.