Interest, Dividends, Other Types of Income > 1099 Information Returns (All Other)

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Frequently Asked Tax Questions

Interest, Dividends, Other Types of Income - 1099 Information Returns (All Other)

I received a Form 1099-G, for my state tax refund. Do I have to include this amount as income on my return?
Are the amounts received from a "reverse mortgage" taxable or nontaxable income? I have looked in Publications 17, 525, 530, and 936 and could not find any relevant information.

Rev. date: 08/04/2012

1099 Series of Forms

Certain Government Payments (Info Copy Only)

State Tax Refund

State Taxes

Tax Refund

Whether or not you have to report your state income tax refund on your federal income tax return depends on if you itemized your deductions using Form 1040, Schedule A:

If you did not itemize your deductions on your Federal tax return for the same year to which the state or local tax refund applies, do not report any of the refund as income.
If you received a refund of state or local income taxes this year for which you took an itemized deduction in an earlier year, you may have to include all or part of the refund as income on your tax return.
Report your taxable State or Local Refunds on line 10 of the Form 1040 (PDF). You cannot use Form 1040A (PDF) or Form 1040EZ (PDF).

Additional Information

Publication 525, Taxable and Nontaxable Income Instructions for Form 1040

Rev. date: 08/04/2012

Reverse Mortgages

The amounts received from a reverse mortgage are not taxable income because a reverse mortgage is a loan.

In a reverse mortgage transaction, the lender makes payments (in a lump sum, a monthly advance, a line of credit, or a combination of all three) to the borrower, while the borrower retains title to the home securing the mortgage and continues to live there.
Depending on the loan agreement, the reverse mortgage and any accrued interest become due when the borrower dies, sells the home securing the mortgage, moves and no longer uses the home as a principal residence, or reaches the end of a pre-determined loan period.

Additional Information

Reverse Mortgage FAQs

Previous Page | Table of Contents | Top of Page | Next Page Right Arrow

Frequently Asked Tax Questions

Interest, Dividends, Other Types of Income - 1099 Information Returns (All Other)

I received a Form 1099-G, for my state tax refund. Do I have to include this amount as income on my return?

Are the amounts received from a "reverse mortgage" taxable or nontaxable income? I have looked in Publications 17, 525, 530, and 936 and could not find any relevant information.