Last year Louis claimed itemized deductions of $12,990. Louis's itemized deductions included state income taxes paid of $1,940 and no other state or local taxes. Last year Louis had itemized deductions of $10,990 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $1,940 and no other state or local taxes. Last year Louis claimed itemized deductions of $14,180. Louis's itemized deductions included state income taxes paid of $2,940 and no other state or local taxes.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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. Last year Louis claimed itemized deductions of $12,990. Louis's itemized deductions included state income taxes paid of $1,940 and
no other state or local taxes.
Last year Louis had itemized deductions of $10,990 and he chose to claim the standard deduction. Louis's itemized deductions
included state income taxes paid of $1,940 and no other state or local taxes.
. Last year Louis claimed itemized deductions of $14,180. Louis's itemized deductions included state income taxes paid of $2,940 and
no other state or local taxes.
Transcribed Image Text:. Last year Louis claimed itemized deductions of $12,990. Louis's itemized deductions included state income taxes paid of $1,940 and no other state or local taxes. Last year Louis had itemized deductions of $10,990 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $1,940 and no other state or local taxes. . Last year Louis claimed itemized deductions of $14,180. Louis's itemized deductions included state income taxes paid of $2,940 and no other state or local taxes.
Louis files as a single taxpayer. In April of this year he received a $1,090 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 $12,550.
Transcribed Image Text:Louis files as a single taxpayer. In April of this year he received a $1,090 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 $12,550.
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