Tax Refund

Bill Wisse wiswp at niue.nu
Thu Aug 26 14:37:45 EDT 2004


On Thursday 26 August 2004 04:28, you wrote:

> Disclaimer: IANAA
>
> Does this refund have any tax ramifications for the current year. In
> the U.S., if you itemize your taxes one year and get a state or local
> refund for that year in the following year, it is counted as federal
> income the following year.

No it hasn't.
>
> Now if that's not an issue for you, I would create an Asset called Tax
> Refund. Assuming your tax calendar is the calendar year, I would enter
> a transaction for December 31 using the "Tax Refund" account and the
> expense account for that tax. When you receive the refund, I would
> enter a transaction using the "Tax Refund" account and the Cash/Asset
> account you deposit it in. That way your 2003 taxes will exactly match
> what you paid and the date will be correct for receiving the refund.

Thanks very much. That's it.
In that way it will not affect any current figures, and I can just transfer 
the refund amount to my cheque account.

-- 
Greetings from
/bill at 169 west , 19 south.  
Disclaimer: Any errors in spelling, tact, or fact are
transmission errors."




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