Answered step by step
Verified Expert Solution
Question
1 Approved Answer
LA and Paula file as married taxpayers. In August of this year, they received a $6,560 refund of state income taxes that they paid
LA and Paula file as married taxpayers. In August of this year, they received a $6,560 refund of state income taxes that they paid last year How much of the refund, if any, must L.A. and Paula include in gross income under the following independent scenarios? Assume the standard deduction last year was $25,100. Note: Leave no answer blank. Enter zero if applicable. Required: a. Last year L. A and Paula had itemized deductions of $20,100, and they chose to claim the standard deduction. b. Last year L. A. and Paula claimed itemized deductions of $32,300. Their itemized deductions included state income taxes paid of $8,960 and no other state or local taxes c. Last year L. A. and Paula claimed itemized deductions of $28,500. Their itemized deductions included state income taxes paid of $10,590, which were limited to $10,000 due to the cap on state and local tax deductions. Complete this question by entering your answers in the tabs below. Required A Required B Required c Last year L. A. and Paula claimed itemized deductions of $32,300. Their itemized deductions included state income taxes paid of $8,960 and no other state or local taxes. Refund to be included in gross income
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