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Just received a 1099 G from CA FTB in item 3 it states, "tax year 2015" and in item 2 it states "$706.00". Do I need to amend my taxes that I have already filed.
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This form is required to be filed with your tax return, although if you amend your return may not change anything. Whether or not it's taxable, depends on if you itemized deductions last year. Please see the TurboTax FAQ below for more information.
If you took the state and local tax deduction last year and itemized, the refund will be taxable this year if the deduction benefitted (reduced) last year's tax bill. This is true even if you opted to apply the refund to this year's state or local return.
But if you took the sales tax deduction or the standard deduction last year, it won't be taxable on this year's return. It also won't be taxable if last year's return was subject to the AMT (Alternative Minimum Tax) and the refund amount was less than the amount disallowed under AMT.
Related Information:
I would hold on to the document and do nothing right now. If you do need to amend your return for some other reason, then add this $706.
The tax on $706 even at 25% tax bracket is less than $200. IRS does use tolerances (which are not made available to the public) This would definitely be below that threshold.
However, If you do decide to amend your return then you can follow the directions listed below:
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