Accounting question re tax refund
Michael DeBusk
michael at nlphilia.com
Wed May 21 01:22:53 EDT 2008
Roland Roberts wrote:
> Hmm, since the original poster was not from the USA, I'm not sure if
> how it works here is relevant.
Ouch. I hadn't realized that.
> I received a refund from the State of New York in 2007 for the 2006
> tax year. On my 2007 tax forms, I had to enter that refund. It has
> a special place on the form, but it effectively gets counted as
> income for 2007. The reason for this is that it was not counted in
> 2006 (they don't tax you on taxes).
The last time I got a state refund, it was for one dollar. I aspire to
someday break precisely even. :) I can't say I've ever noticed that line
on the forms.
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