How much of the refund, if any, must Louis include in gross the standard deduction last year was $12,950. Note: Leave no answer blank. Enter zero if applicable.
How much of the refund, if any, must Louis include in gross the standard deduction last year was $12,950. Note: Leave no answer blank. Enter zero if applicable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year.
How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume
the standard deduction last year was $12,950.
Note: Leave no answer blank. Enter zero if applicable.
b. Last year Louis had itemized deductions 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.
Refund to be included in gross income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2b5e5517-8605-430a-acc0-a5df05fd997f%2Fa2a527af-35dd-4090-9fab-bbd52c718823%2F3nsxbro_processed.jpeg&w=3840&q=75)
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Required information
[The following information applies to the questions displayed below.]
Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year.
How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume
the standard deduction last year was $12,950.
Note: Leave no answer blank. Enter zero if applicable.
b. Last year Louis had itemized deductions 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.
Refund to be included in gross income
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