Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 2017, Tomas a single taxpayer, had $4000 in state tax withheld from his paycheck. He properly deducted that amount on his 2017 tax return

In 2017, Tomas a single taxpayer, had $4000 in state tax withheld from his paycheck. He properly deducted that amount on his 2017 tax return as an itemized deduction that he qualified for, thus reducing his tax liability. after filing his 2017 tax return, Tomas discovered that he had overpaid his state tax by $306. He received his refund in July 2018. What must Tomas do with the $306 refund?

Check all that Apply:

State Refund of $306 should be included in taxable income

State refund of $306 should not be included in taxable income.

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

Horngrens Accounting Volume 1

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

12th Canadian Edition

0136889373, 9780136889373

More Books

Students also viewed these Accounting questions