If I rcvd something in the mail that says 'Statement of Tax Overpayment'
What exactly does it mean... Like what am I suppose to do with this?
Thanks!
SillyBeans
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Re: NWR: Tax Question
Is it the amount you received last year? I think it is a statement of the amount the gov't had to return to you last year.
xcalystax
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Re: NWR: Tax Question
I got the same thing!! I have no idea what it is?
sarahbelle
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Re: NWR: Tax Question
It is how much you received last year.
kittythestray
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Re: NWR: Tax Question
It's your New York State refund from 2004. If you itemized your deductions in 2004 on your Federal you need to add it to line 10 of your Federal form in 2005. The reason is this: in 2004 you took a deduction on your Federal for ALL the New York State taxes you paid in 2004, say $2500. If you then got a refund on New York State of say $400 it means you really should have only deducted $2100 on the federal. Since you deducted all $2500 of it you then need to add it to your 2005. It's a timing issue - It is NOT you having to pay taxes on your refund. If you didn't itemize your deductions, you can just ignore it.
