Question
Margarita, a single individual, has $2,000 in state taxes withheld from her salary last year. Her total itemized deductions were $6,500 (including the $2,000). This
Margarita, a single individual, has $2,000 in state taxes withheld from her salary last year. Her total itemized deductions were $6,500 (including the $2,000). This year she received a state income tax refund of $550. Under the tax benefit rule, how much income must she report this year?
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College Accounting A Practical Approach Chapters 1-25
Authors: Jeffrey Slater
12th Edition
013277206X, 978-0132772068
