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tax time!

MelzombieMelzombie Charleston, SC Posts: 200
edited February 2020 in All Encompassing Trip
I just got a 1099 from my bank regarding the interest I earned from my accounts
I know I have to file it when I do my taxes, but how much $$$ will I have to shell out? percentage?
Does it depend on my total yearly income??? 
Post edited by Melzombie on

Comments

  • deadendpdeadendp Northeast Ohio Posts: 10,434
    edited February 2020
    I had to claim the $219 State of Ohio 2018 refund check as income, but it ended up being something that I didn't need to pay anything on. I still entered it in since I received a 1099. I let the fine financial workings of Turbo Tax sort it out. 

    It is here that I state that I believe it is ridiculous to have to file my refund as income. I understand claiming bank interest (we have done that, too) but a refund is a bit excessive. 
    Post edited by deadendp on
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  • mookeywrenchmookeywrench Posts: 5,960
    deadendp said:
    I had to claim the $219 State of Ohio 2018 refund check as income, but it ended up being something that I didn't need to pay anything on. I still entered it in since I received a 1099. I let the fine financial workings of Turbo Tax sort it out. 

    It is here that I state that I believe it is ridiculous to have to file my refund as income. I understand claiming bank interest (we have done that, too) but a refund is a bit excessive. 
    Rather than income, think of it as correcting an overdeduction from the prior year.
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  • rollingsrollings unknown Posts: 7,125
    deadendp said:
    I had to claim the $219 State of Ohio 2018 refund check as income, but it ended up being something that I didn't need to pay anything on. I still entered it in since I received a 1099. I let the fine financial workings of Turbo Tax sort it out. 

    It is here that I state that I believe it is ridiculous to have to file my refund as income. I understand claiming bank interest (we have done that, too) but a refund is a bit excessive. 
    Your state refund is not considered income.

    The only way you should say that it is income on your federal 1040 return is if last year, you itemized and claimed state income tax as an itemized deduction. 

    So if you do not file schedule A with your 1040 last year, do not claim that as income

  • rollingsrollings unknown Posts: 7,125
    If you did file schedule A however, and did claim state income tax as a deduction, then see mookey's post
  • Gern BlanstenGern Blansten Mar-A-Lago Posts: 21,357
    Melzombie said:
    I just got a 1099 from my bank regarding the interest I earned from my accounts
    I know I have to file it when I do my taxes, but how much $$$ will I have to shell out? percentage?
    Does it depend on my total yearly income??? 
    yes...depends on your overall income.  
    Remember the Thomas Nine !! (10/02/2018)
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  • brianluxbrianlux Moving through All Kinds of Terrain. Posts: 42,779
    Tax time- oh my, I could not do it without the help of our tax guy.  By the time you throw in our self-employment incomes and the fact that my wife has a business partner in her business and (technically, although I do 99.9% of the work) she is a business partner in mine, plus all the other complications... egads, it makes my head swim! 

    Melzombie, I hope you get some good answers.  I guarantee you do not want me interfering!
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  • LizardLizard So Cal Posts: 12,091
    only good thing about April 15th this year is PJ in LA!! 
    carry on....
    So I'll just lie down and wait for the dream
    Where I'm not ugly and you're lookin' at me
  • JOEJOEJOEJOEJOEJOE Posts: 10,724
    I'm a CPA in Los Angeles....gonna have to get my extensions done early so that I can get to the PJ gig on 4/15!
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