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Anonymous
tax refunds
by Anonymous
December 31, 2012 at 8:53 AM
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

  • Anonymous 2
    by Anonymous 2
    December 31, 2012 at 8:54 AM

     no

  • kjbennett26
    December 31, 2012 at 8:54 AM

    bump no idea

  • Anonymous 3
    by Anonymous 3
    December 31, 2012 at 8:55 AM
    Holy shit you got a lot back. I'm not sure about your question but our returns were never used as a taxable income.
  • Anonymous 4
    by Anonymous 4
    December 31, 2012 at 8:55 AM
    How the hell did you get 21k back? Holy hell.

    No it is not taxable income.
  • AdoptingMommy
    December 31, 2012 at 8:56 AM
    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
  • Anonymous 1
    by Anonymous 1 - Original Poster
    December 31, 2012 at 8:58 AM
    Adoption tax credit

    Quoting Anonymous:

    How the hell did you get 21k back? Holy hell.



    No it is not taxable income.
  • Anonymous 1
    by Anonymous 1 - Original Poster
    December 31, 2012 at 8:59 AM
    $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
  • AdoptingMommy
    December 31, 2012 at 9:03 AM
    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

  • Anonymous 1
    by Anonymous 1 - Original Poster
    December 31, 2012 at 9:07 AM
    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

  • Anonymous 5
    by Anonymous 5
    December 31, 2012 at 9:10 AM

    If you itemize your deductions your state refund is taxable.  If you take standard it is not.  Your federal refund is not taxable.

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