Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A. and Paula file as married taxpayersAugust of this year, they received a $6,420 refund of state income taxes that they year How much of

A. and Paula file as married taxpayersAugust of this year, they received a $6,420 refund of state income taxes that they year How much of the refund, if any, must L. and Paula include in gross income under the following independent scenarios? Assume the standard deduction last year was $25,100 Note: Leave no answer blankEnter zero if applicable Required: a Last year and Paula had itemized deductions of $21,400, and they chose to claim the standard deduction Last year A and Paula claimed itemized deductions of $ 33,600. Their itemized deductions included state income taxes paid of 8,360 and no other state or local taxes Last year L. and Paula claimed itemized deductions of $ 29.800 Their itemized deductions included state income taxes paid of $ 10,720 which were limited to $ 10,000 due to the cap on state and local tax deductions
image text in transcribed
year Note: Los Required: $8,360 and no other siste or lock tanes. c. Last year L. A. and Peulb cleimed ihemired deductions of $29800. Their temised deductions included ite $10,720, which were limited to $10,000 die to the cas of stabe and beral tare deductions. Complete this queetion by entering your ancwers in the tabe below. Last year L. A. and Pavia ciaimed itemized deductions of $33,660. Their itemired deduetions included state ing of $8,360 and no other state or local taxes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mis And Edp Auditing For Accountants And Auditors

Authors: Srv

1st Edition

9993730351, 978-9993730354

More Books

Students also viewed these Accounting questions