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Old 02-20-2007, 01:20 PM
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Cool

Has anyone included a tax refund as 'other income'?


What is the name of your state? AZ

Referring to line 10 on official from 22a, to determine average monthly income over the past six months? A poll? It's an elusive answer, but can somebody tell me their aamount of refund and whether it was included as insome, and whether it was mentioned by the trustee as income? Thanks.
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Old 02-20-2007, 01:45 PM
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Your tax refund is an asset, not income. It is from income earned during the previous year.
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Old 02-20-2007, 02:00 PM
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Quote:
Originally Posted by racer72 View Post
Your tax refund is an asset, not income. It is from income earned during the previous year.
It never ceases to amaze me the number of people who think they are really getting something back from the government when they get an income tax refund!

I tell them, "The government kept YOUR money for about a year and now you are getting some of it back! You didn't earn interest on the part the government kept! You've been had!"
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Old 02-20-2007, 03:03 PM
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I don't know the answer to the OP's question, but know his confusion. If you deduct the amount paid for your state taxes on Schedule A in one year, and in the next year you get a refund, that refund is treated as "income" for federal tax purposes. (At least to the level of the tax benefit gained from the deduction.)
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