Can’t find one. Are federal tax refunds from 2007 taxable as income on my 2008 tax returns? If I can’t find a 1099-G, I should just be able to enter in the amount of my 2007 federal tax refund, correct?
Tags: 1099G, 2007, Federal, Form, Refunds., should
2007 tax refunds aren’t income for 2008. A 1099-G is for govt. payments like unemployment.
You do not get a 1099g for federal refunds. Federal refunds are not taxable. the 1099G is for unemployment or state and local refunds. If you itemized in the previous year and claimed state and local income as a deduction,you would enter the amount on line 10. If you did not itemize you do not enter them on the tax return.
Christine EA Master Tax Advisor
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.
If you got a state or local refund, and itemized state and local taxes on the previous year’s return. then the refund is taxable for the current year since you over-deducted last year.
Since federal taxes aren’t deductible in the first place, a refund isn’t taxable income. So no, you don’t enter it anywhere on your return.
You won’t get a 1099-G for federal refund, only state and local tax refund. You don’t need to report your 2007 tax refund as an income item on your 2008 tax return.