Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In 2020, Marvin, a single,cash basis taxpayer, took a $2,400 itemized deduction for state income taxes paid. The deduction was not limited by the
In 2020, Marvin, a single,cash basis taxpayer, took a $2,400 itemized deduction for state income taxes paid. The deduction was not limited by the SALT cap. His total itemized deductions in 2020 were $15,800. In 2021, Marvin received a $1,000 refund when he filed his 2020 state income tax return. How much of his refund must Marvin include in his gross income for 2021?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting
Authors: Belverd E. Needles, Marian Powers
11th edition
1133769314, 053847601X, 9781133715023, 978-1133769316, 1133715028, 978-0538476010
