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Posted by Andrew on November 23, 2007, 6:42 pm
Please log in for more thread options Don Priebe wrote:
>> A NJ tax pro told me to treat just like a state income tax
>> refund, except if it resulted in a benefit for the year in
>> question, report income on line 21 not line 10.
>
> This is the second year for wide-spread school tax refunds in NY. These
> differ from income tax refunds in that the checks we are
> receiving in 2007 are refunds of our 2007 school taxes. And we will
> not be getting 1099-G for these refunds. There are three cases to
> consider:
> A taxpayer who does not itemize, and whose refund is less than the
> school tax actually paid, reports nothing.
>
> A taxpayer who does itemize, and whose refund is less than the
> school tax actually paid, reports his net school tax on Schedule A.
>
> A taxpayer whose refund is more than the school tax actually paid
> reports the excess on line 21.
See http://tinyurl.com/24ah3y for NY State tax Q&A on the so-called 'STAR'
(School TAx Relief program) rebate.
Gee, we should have done this for t/y 2006 Don? It wasn't until I saw the
this thread about NJ this AM that I started to wonder if my brother, who
itemizes (I looked over his return, but didn't actually "do" it since I'm
not qualified for my own, never mind his!), did this. As he's away for the
holiday, I'll have to ask him. 1040x time if he neglected to deduct on Sch
"A", I assume?
--
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Regards -
- Andrew
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