[GNC] How to treat benefit payments from government?
Michael or Penny Novack
stepbystepfarm at comcast.net
Sun Apr 21 16:14:07 EDT 2019
On 4/19/2019 7:17 AM, R. Victor Klassen wrote:
> Unlike in the US where state tax refunds are income for federal purposes, provincial and federal taxes do not interact. So these are purely tax-free.
This is an example of why no one size fits all. In the US state tax
refunds MAY be income for federal tax purposes. Whether or not they are
depends on whether the tax payer itemized in the previous year and if
so, whether state income taxes were included in the itemization (you get
to deduct EITHER state income taxes or state sales taxes but not both)
Michael D Novack
PS -- with the proviso that I am NOT "qualified" to be a tax advisor
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