Discussion:Amend for standard deduction to itemize. State Refund implication

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Discussion Forum Index --> Tax Questions --> Amend for standard deduction to itemize. State Refund implication


ChrisV2 (talk|edits) said:

8 April 2014
I think I know the answer to this but wanted to check with you guys. If a client wants to amend a return because they neglected to use real estate taxes as a deduction, which would switch the return from standard deduction to itemized -- that will then cause a requirement to amend the following year as well, since the state tax refund will become an income item on the following year 1040.

In the case in front of me now, the cost of doing these amendments will nearly negate the net new refund to be gained. This is why I wanted to check on the notion that both years will need to be amended.

Doug M (talk|edits) said:

8 April 2014
You would only amend one? The state refund will be received in 2014.......

ChrisV2 (talk|edits) said:

8 April 2014
:-) I knew there was something dumb about what I was thinking...thanks for that nudge.

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