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Posted on Jul 22, 2024

Aaron received a state income tax refund in 2021 for state taxes he overpaid in 2020. He was able to reduce his 2020 federal tax

Aaron received a state income tax refund in 2021 for state taxes he overpaid in 2020. He was able to reduce his 2020 federal tax liability by itemizing and claiming a deduction for state and local income taxes paid that year. When Aaron files his 2021 return, he may need to report all or part of the state tax refund he received in 2021 as:

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Fundamentals of Financial Accounting

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