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State Tax Refund Worksheet

 

Name: Current Year:

1
Total state / local income tax refund(s) for ?TYP? received in ?TYC?
1  
2
Enter amounts from the ?TYP? tax return
Schedule A, line 5a, income taxes
 
Schedule A, line 5b, general sales tax (You can use the NJ Sales Tax Worksheet, if appropriate)
 
Difference - the state tax refund is only taxable to the extent the state tax deduction exceeds the sales tax deduction
 
3
Net state / local income tax refund
3
4
Enter the total of all other Schedule A refunds or reimbursements for ?TYP? received in ?TYC?
4
5
Add lines 3 and 4
5
6
?TYP? itemized deductions
6
7
Filing status for ?TYP?
7  
8
Age 65 or blind. Enter amount from the ?TYP? Form 1040, page 2, line 39a
8  
9
?TYP? Standard deduction
9
10
Subtract line 9 from line 6
10
11
Smaller of line 5 or line 10
11
12
Taxable income for ?TYP?
?TYP? 1040, line 41, AGI minus deductions
 
?TYP? 1040, line 42, Exemptions
 
Taxable Income - Subtract line 42 from line 41
 
13
Amount to include in income for ?TYC?
13
14
Taxable state / local income tax refund on ?TYC? return (1040, line 10)
14
15
Taxable amount of other income on ?TYC? return (1040, line 21)
15
Input color key:  Required   Optional   Calculated 

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BETA v17.1 11-17-2017 • Comments to: Al@TaxPrep4Free.org
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