Fach of the following taxpayers received a state income tax refund in 2023. In all cases, the taxpayer has a filling status of married filing jointly. The standard deduction in 2022 was $25,900. Required: What amount of the refund is properly included in 2023 Income? a. Refund of $729; taxpayer did not itemize deductions in 2022. b. Refund of $591; taxpayer had $27,200 of itemized deductions in 2022. c. Refund of $927; taxpayer had itemized deductions of $26,200 in 2022 DOB Taxable refund

Fach of the following taxpayers received a state income tax refund in 2023. In all cases, the taxpayer has a filling status of married filing jointly. The standard deduction in 2022 was $25,900. Required: What amount of the refund is properly included in 2023 Income? a. Refund of $729; taxpayer did not itemize deductions in 2022. b. Refund of $591; taxpayer had $27,200 of itemized deductions in 2022. c. Refund of $927; taxpayer had itemized deductions of $26,200 in 2022 DOB Taxable refund

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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