Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ill give a thumps up you di it right and fast Tom and Lily, who are married filing jointly, reported a standard deduction of $25,100

ill give a thumps up you di it right and fast
Tom and Lily, who are married filing jointly, reported a standard deduction of $25,100 on their 2021 tax return. They paid $500 to the state for income taxes in 2021. In 2022, they received a $125 refund of state taxes paid in 2021. What is the amount that Tom and Lily need to report on their 2022 tax return? Multiple Choice O $0. $125. $375. $500. 9 D ENI ese
image text in transcribed
Tom and Lily, who are married filing jointly, reported a standard deduction of $25,100 on their 2021 tax return. They paid $500 to the state for income taxes in 2021 . In 2022, they received a $125 refund of state taxes paid in 2021 . What is the amount that Tom and Lily need to report on their 2022 tax return? Multiple choice 50 s125. $375 5500

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

Step: 3

blur-text-image

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

Accounting and Auditing Research Tools and Strategies

Authors: Thomas Weirich, Thomas Pearson, Natalie Tatiana

9th edition

1119441915, 1119441919, 978-1-119-3737, 9781119373629 , 978-1119441915

More Books

Students also viewed these Accounting questions