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tax refunds

Anonymous
Posted by Anonymous
  • 12 Replies
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.
Posted by Anonymous on Dec. 31, 2012 at 8:53 AM
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Replies (1-10):
Anonymous
by Anonymous 2 on Dec. 31, 2012 at 8:54 AM

 no

kjbennett26
by Silver Member on Dec. 31, 2012 at 8:54 AM

bump no idea

Anonymous
by Anonymous 3 on Dec. 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
by Anonymous 4 on Dec. 31, 2012 at 8:55 AM
How the hell did you get 21k back? Holy hell.

No it is not taxable income.
AdoptingMommy
by Gold Member on Dec. 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
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Anonymous
by Anonymous 1 - Original Poster on Dec. 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
by Anonymous 1 - Original Poster on Dec. 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
by Gold Member on Dec. 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

Posted on CafeMom Mobile
Anonymous
by Anonymous 1 - Original Poster on Dec. 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
by Anonymous 5 on Dec. 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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