Do I need to report my last year's federal tax refund and is it considered income?
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I am doing my taxes on TurboTax to file my taxes and I found no questions about the federal tax refund, only local and state refunds. Isn't federal tax refund income from last year?
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Answer:
no you don't claim that. It's not really income. It's just giving you back what you overpaid. The state tax is different bc you deducted state taxes paid last year so then the refund is income.
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