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Waived penalty for those of you whose tax withholding and estimated tax payments fell short in 2018

January 24, 2019

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With new SALT limit, IRS explains tax treatment of state and local tax refunds

April 2, 2019

 

The Internal Revenue Service has clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax deduction is in effect.

 

In Revenue Ruling 2019-11 (PDF), posted on IRS.gov, the IRS provided four examples illustrating how the long-standing tax benefit rule interacts with the new SALT limit to determine the portion of any state or local tax refund that must be included on the federal income tax return. Today’s announcement does not affect state tax refunds received in 2018 for tax returns currently being filed.

 

The Tax Cut