Tag: Estimated Tax Payments

Allocating Estimated Payments for Taxable Refund Calculations

When a taxpayer receives a refund of state income taxes, and the taxpayer took a deduction on their federal tax return, and some of the payments made to the state were estimated payments that may have been made in a different calendar year … well, it can require some math to determine the taxable refund and the deductible portion of the estimated payment.

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