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  1. #1
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Bottle Deposit Refunds, Taxable Income!?!

    Did anyone else use Turbotax? There was one thing in particular that caught my attention. There was a place in the income portion where you were making note of misc. money you received. They had a line for money received from recycling.

    I just wanted to get this straight.... I pay a DEPOSIT (required by the state) and then when I try to get my DEPOSIT back they tax me on it?!?!?
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  2. #2
    Damage your reputation seenbad's Avatar
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  3. #3
    carpe damn diem billy007's Avatar
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    12.12.17 @ 06:57 PM
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    Maybe it's meant only for homeless people who scrounge bottles they didn't buy to return for beer money?

  4. #4
    Eruption Lightning Fingers's Avatar
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    03.01.12 @ 05:52 PM
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    Well refunds for deposits are not taxable income in Canada. It would be a wash transaction because a deposit was paid and it was reimbursed. Maybe there's certain situations when it is taxable... never seen it before, tho.
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  5. #5
    Sinner's Swing! Darkstar's Avatar
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    12.04.14 @ 11:23 PM
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    oh shit......I hope the IRS doesn't find out about my drinking habits!
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  6. #6
    Atomic Punk Viking's Avatar
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    11.02.17 @ 09:45 PM
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    Quote Originally Posted by voivod
    Did anyone else use Turbotax? There was one thing in particular that caught my attention. There was a place in the income portion where you were making note of misc. money you received. They had a line for money received from recycling.

    I just wanted to get this straight.... I pay a DEPOSIT (required by the state) and then when I try to get my DEPOSIT back they tax me on it?!?!?
    I guess it wouldn't hurt to check into it, but I seriously doubt it in that case. I know in Michigan we paid a 10 cent deposit and Oregon it was 5 cents. If you pay it in the first place and then get it back, you break even, you're not actually making a profit from it.
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  7. #7
    Hang 'Em High jetguy5150's Avatar
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    12.12.17 @ 11:16 AM
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    I have read about this in a few spots in the past. It is not meant for people who pay the deposit and then return the bottle and get the deposit back. It is geared towards people, organizations or charities that collect bottles and turn them in for the refund without having paid the deposit in the first place. We have a charity around here that asks for people to donate their empty beer bottles. They in turn return them and get the deposit for their charity. This would be an instance where it was an income. I can't imagine anyone actually filling in that part of the tax form unless they are actually making significant income from this. Not sure how the laws vary from country to country or state to state but that is just one of those useless tid-bits of information that is rattling around in my head for no apparent reason.
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  8. #8
    Hang 'Em High sickman's Avatar
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    12.13.17 @ 03:10 AM
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    How about this for state income tax I never quit understood. I make X amount this year. Now all through out the year the state takes out taxes that total 1500.00. I am only required to pay 1000.00 in taxes so I get a 500.00 refund. Now next year when I do my taxes I have to include that as income. What I don't get is it was income that I made and was taxed on and taken from me all year, Kept by the state and than I am taxed on it again. I probably won't ever understand it so I have changed my deductions so the state only gets what is required.
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  9. #9
    Atomic Punk ZeoBandit's Avatar
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    12.12.17 @ 06:17 AM
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    Even if it is taxable, who would put that on their income tax return? It's not like we're talking large amounts of dollars here.
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  10. #10
    Eruption ericjt's Avatar
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    10.20.06 @ 08:33 AM
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    Quote Originally Posted by sickman
    How about this for state income tax I never quit understood. I make X amount this year. Now all through out the year the state takes out taxes that total 1500.00. I am only required to pay 1000.00 in taxes so I get a 500.00 refund. Now next year when I do my taxes I have to include that as income. What I don't get is it was income that I made and was taxed on and taken from me all year, Kept by the state and than I am taxed on it again. I probably won't ever understand it so I have changed my deductions so the state only gets what is required.
    If you itemize state tax withholding on your Federal Return and you get a State Refund for that year, the State Refund becomes taxable income on your Federal Return the next year. You are not taxed again by the State.
    And, yes, the income from recycling is taxable if you did not pay the deposit in the first place and "made" 5 cents or whatever by returning it. Its meant fro people and/or originazations who can make hundreds or thousands by collecting other people's bottles and turning it into profit.
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  11. #11
    Atomic Punk Viking's Avatar
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    11.02.17 @ 09:45 PM
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    Quote Originally Posted by ericjt
    If you itemize state tax withholding on your Federal Return and you get a State Refund for that year, the State Refund becomes taxable income on your Federal Return the next year. You are not taxed again by the State.
    And, yes, the income from recycling is taxable if you did not pay the deposit in the first place and "made" 5 cents or whatever by returning it. Its meant fro people and/or originazations who can make hundreds or thousands by collecting other people's bottles and turning it into profit.
    I never really thought about the people that go around and collect the cans. Doh!
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