Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Louis files as a single taxpayer. In April of this year he received a $1,150 refund of state income taxes that he paid last
Louis files as a single taxpayer. In April of this year he received a $1,150 refund of state income taxes that he paid last year. How much of the refund, if any, must Louls include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,550. Note: Leave no answer blank. Enter zero if applicable. Required: a. Last year Louis claimed itemized deductions of $13,050. Louis's itemized deductions included state income taxes paid of $2,000 and no other state or local taxes. b. Last year Louis had itemized deductions of $11,050 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $2,000 and no other state or local taxes. c. Last year Louis claimed itemized deductions of $14,240. Louis's itemized deductions included state income taxes paid of $3,000 and no other state or local taxes. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required C Last year Louis claimed itemized deductions of $14,240. Louis's itemized deductions included state income taxes paid of $3,000 and no other state or local taxes. Refund to be included in gross income $ 900
Step by Step Solution
★★★★★
3.50 Rating (153 Votes )
There are 3 Steps involved in it
Step: 1
Answer If there any refund received the amount must be reported in the gross income ...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