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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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