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Chris and Jennifer are married cash-basis taxpayers. In 2019, they had interest income as follows: $600 interest on 2018 federal income tax refund $700 interest
Chris and Jennifer are married cash-basis taxpayers. In 2019, they had interest income as follows: $600 interest on 2018 federal income tax refund $700 interest on 2018 state income tax refund $900 interest on federal government obligations $1,100 interest on state government obligations In both 2018 and 2019, Chris and Jennifer did not itemize their deductions (took the standard deduction). What amount of interest income is taxable on Chris and Jennifer's 2019 joint income tax return? Select one: a. $2,000 b. $1,500 X c. $1,300 d. None of the above The correct answer is: None of the above
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