Taxable Refund and Recovery Calculator

 

This Tax Year: Taxpayer's Name:
Filing Status: TP was 65 or older, TP was blind
SP was 65 or older, SP was blind
Dependent on another taxpayer's return
Must itemize because spouse itemized

Click to show instructions

Data entry notes: If the sales tax amount is not shown on the previous year return printout, use the IRS sales tax calculator to determine the amount.

Taxability on refund amounts are determined by entries on the previous year return which include: Resulting taxable amounts are shown for the current year.

State income tax refund amount: Refund due to overpayment of state income tax that was used as a deduction on Schedule A
Sales tax refund amount: Refund due to a refund of sales tax paid on an item that was used to augment the state sales tax deduction on Schedule A (return of a car or boat, for example - very rare event)
Real estate tax refund amount: Refund or rebate of state real estate taxes used as a deduction on Schedule A
Check if this refund IS taxable to the state.
Medical refund amount: Repayment of expenses by insurance or other reimbursement for medical expenses used as a deduction on Schedule A

6. State/local real estate taxes:
5c. Personal property taxes:
. Total itemized deductions: Check if the line box was checked.

Results for TaxSlayer Entry

Federal taxable amount of refunds NOT taxable to the state:
1040 line 10 (TS Income > State and Local Refunds > Bypass worksheet line)
Federal taxable amount of refunds taxable to the state:
1040 line 21 (TS Income > Other Income)

4th quarter estimated payment:
Part of Sched A line 5a (Federal Section > Deductions & Itemized Deductions > Taxes You Paid > Prior Year 4th Quarter...)
Please send corrections and suggestions to jeff@bogarthome.net