Does tax refund count as income?

[ncole1]

Originally Posted by AmFest

In calculating net income, it sort of is. I'm pretty sure lenders take this into account, but you can really do yourself a favor by increasing the number of exemptions for tax withholding so you won't have this issue to begin with.

No. You did not subtract the extra withholding from your paycheck when calculating income, therefore you cannot add a refund back in and get a useful answer. To do so would amount to double-counting the money.