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Posted by Ron S on March 20, 2007, 3:24 pm
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If I applied a local tax overpayment as a credit toward the
following tax year's local taxes, do I need to claim that
credit as a refund for my fed income?
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Posted by Benjamin Yazersky CPA on March 21, 2007, 1:46 pm
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> If I applied a local tax overpayment as a credit toward the
> following tax year's local taxes, do I need to claim that
> credit as a refund for my fed income?
YES
(unless you had AMT - in which case you've got a bit of calculating to do)
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Phil Marti on March 21, 2007, 1:46 pm
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> If I applied a local tax overpayment as a credit toward the
> following tax year's local taxes, do I need to claim that
> credit as a refund for my fed income?
Yes, if you deducted it on a prior Schedule A and got full
tax benefit from the deduction. See IRS Publication 525.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Mark X. Rigotti, CPA on March 21, 2007, 1:46 pm
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> If I applied a local tax overpayment as a credit toward the
> following tax year's local taxes, do I need to claim that
> credit as a refund for my fed income?
I assume that this is a local income tax. If you itemized
it in a prior year - probably. Again the IT DEPENDS. I can
not tell you for sure without looking at last years return.
Rgs,
Mark
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Frederick Lorca on March 21, 2007, 1:47 pm
Please log in for more thread options > If I applied a local tax overpayment as a credit toward the
> following tax year's local taxes, do I need to claim that
> credit as a refund for my fed income?
Like almost all tax questions, the answer depends. If you
fully deducted the local taxes on your 2005 return (usually
on Schedule A), then received a refund or credit in 2006 for
a portion of the amount you deducted, the tax benefit
doctrine requires you to include the refunded or credited
amount as income on your 2006 return.
Frederick Lorca
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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