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914World.com _ 914World Garage _ OT: Tax Question (Californians)

Posted by: fiid Feb 13 2004, 12:09 PM

Hey,

So I got my California Vehicle License fee back yesterday. Trouble is I already deducted it from my 2003 taxes, which I have already filed. The check is dated 2004 - so do I just declare it as income on my 2004 taxes, or do I have to file an amended return (son of a bitch).

What do you think?

Fiid.

Posted by: Howard Feb 13 2004, 12:15 PM

Should be shown as adjustment to 2004 return, just like any other tax refund of overpayment.

Posted by: fiid Feb 13 2004, 12:18 PM

That's what I thought.

The card comes with the comment "You may wish to contact a tax professional regarding this refund" which kinda freaked me out.

Posted by: campbellcj Feb 13 2004, 12:34 PM

My theory on small dollar amounts like that is to let the gub'mint figure it out and send me a damn bill!

I doubt they would even catch it. Even if they do, you get to hang onto your cash until August or so...

Posted by: mikester Feb 13 2004, 12:38 PM

Of course they would charge you a penalty if they caught it.

Posted by: campbellcj Feb 13 2004, 12:41 PM

Most likely the 2004 CA 540 will have an entry for VLF refunds... I wouldn't worry about it until April '05 in my completely amatuer non-tax-professional opinon...

BTW I just got my Fed refund today! The last quite a few years I owed a bunch extra so I guess I have the crusher mortgage (and George W) to thank. e-File and direct-deposit rocks.

Posted by: bmendel Feb 13 2004, 02:12 PM

it will definately be something for your 2004 return, no refiling of 2003 needed. I'd guess you'll get a 1099 from the state, just like you get for tax refund amounts.

By the way, has anyone noticed the line that says "Use Tax, see instructions"? When we buy something (car parts) out of state (from the internet, catalog, etc), we are now required to report it and pay use tax on it (same rate as sales tax). And since you sign your return under penalty of perjury, if you know you bought something from out of state, and don't report it, they might come and take you away in the middle of the night... oh, wait, thats the other People's Republic

so far none of our clients have decided to declare anything, time will tell if the state is going to press it and audit people, or come down on preparers whose clients report statistically too low amounts.

Posted by: campbellcj Feb 13 2004, 11:31 PM

LOL, you're technically also supposed to pay tax on your 'profits' from selling stuff...like if you find a nice score at Dunkels and then toss it up on ebay...the gub'mint wants to hear about your markup!

On another (sad) note...my tax refund was with me for a total of about 6 hours. We just finished up the latest phase of home improvements today and I got to write another juicy check right as I arrived home from work. Oh well, the teener upgrades can wait a few more weeks/months.