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Re: what about claiming last years state income (m (archive)
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Posted by Michael on November 13, 2000 at 15:48:46:

In Reply to: what about claiming last years state income (m) posted by M3pilot on November 13, 2000 at 12:20:42:


tax refund as income the next year? Can anyone explain that to me? Happens all the time in NY. Isn't that double taxation?

The refund is only included in income this year if it is part of the state tax paid and deducted on the prior year's federal return (this is known as "recapture" in tax jargon). Net, net, "The State giveth, and Uncle Sam taketh away."



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