Loise files as a single taxpayer. In April of this year, they received a$900 refund of state income taxes that he paid last year. How much of the refund, if any, must Loise include in Gross income under the following independent scenarios? Assume the standard deduction last year was $12,200. Last year Louis claimed itemized deduction of $12,450. Louis’s itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Last year Louis claimed itemized deduction of $10,800 and he chose to claim the standard deduction. Louis’s itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Last year Louis claimed itemized deduction of $13,640. Louis’s itemized deductions included state income taxes paid of $2,750 and no other state
Loise files as a single taxpayer. In April of this year, they received a$900 refund of state income taxes that he paid last year. How much of the refund, if any, must Loise include in Gross income under the following independent scenarios? Assume the standard deduction last year was $12,200. Last year Louis claimed itemized deduction of $12,450. Louis’s itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Last year Louis claimed itemized deduction of $10,800 and he chose to claim the standard deduction. Louis’s itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Last year Louis claimed itemized deduction of $13,640. Louis’s itemized deductions included state income taxes paid of $2,750 and no other state
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 4BCRQ
Related questions
Question
46- Loise files as a single taxpayer. In April of this year, they received a$900 refund of state income taxes that he paid last year. How much of the refund, if any, must Loise include in Gross income under the following independent scenarios? Assume the standard deduction last year was $12,200.
- Last year Louis claimed itemized deduction of $12,450. Louis’s itemized deductions included state income taxes paid of $1,750 and no other state or local taxes.
- Last year Louis claimed itemized deduction of $10,800 and he chose to claim the standard deduction. Louis’s itemized deductions included state income taxes paid of $1,750 and no other state or local taxes.
- Last year Louis claimed itemized deduction of $13,640. Louis’s itemized deductions included state income taxes paid of $2,750 and no other state or local taxes.
Expert Solution
Step 1
Given information is:
Refund received = $900
Standard deduction = $12400
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT