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and interest should report the interest amount that appears in Box 3 of Form 1099-G on line 8A of Form 1040. They should also etermine whether they itemized their Federal deductions for any of the years on which the refund was calculated, and, If they did itemize for any of those years, they should report the amount that appears in Box 2 of Form 1099-G on line 10 of Form 1040.
If a retiree did not itemize and did not receive a refund with interest, he or she should not have been issued a Form 1099-G, but if they were sent one in error, they need not include any amount reported op that Form on their 1995 tax return.
Retirees must kise Form 1040 to report this income when filing their Federal income tax return for 1995.
Additionally, it is not necessary for Federal retirees to file amended returns for prior years (1985-1988) involved in the settlement or refund.
For additional questions regarding the taxability of a settlement payment or refund check, and other tax questions, contact the IRS toll-free at (800) 829-1040, Monday through Friday from 7:30 a.m. to 5:30 p.m. The IRS advises the best time to call is Wednesday, Thursday, and Friday, early in the day.
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