In April of this year Rachel received a $1,780 refund of state income taxes that she paid last year. Last year Rachel claimed itemized deductions of $12,400. Rachel's itemized deductions included state income taxes paid of $850. How much of the refund, if any, must Rachel include in the gross income if the standard deduction last year was $12,000?
In April of this year Rachel received a $1,780 refund of state income taxes that she paid last year. Last year Rachel claimed itemized deductions of $12,400. Rachel's itemized deductions included state income taxes paid of $850. How much of the refund, if any, must Rachel include in the gross income if the standard deduction last year was $12,000?
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 4BCRQ
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In April of this year Rachel received a $1,780 refund of state income taxes that she paid last year. Last year Rachel claimed itemized deductions of $12,400. Rachel's itemized deductions included state income taxes paid of $850. How much of the refund, if any, must Rachel include in the gross income if the standard deduction last year was $12,000?
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