Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help! Louis files as a single taxpayer. In April of this year he received a $1,060 refund of state income taxes that he paid

please help!
image text in transcribed
Louis files as a single taxpayer. In April of this year he received a $1,060 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis 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 opplicable. Required: a. Last year Louis claimed itemized deductions of $12,960. Louis's itemized deductions included state income taxes paid of $1,910 and no other state or local taxes. b. Last year Louis had itemized deductions of $10,960 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $1,910 and no other state or focal taxes. c. Lst year Louis claimed itemized deductions of $14,150. Louis's itemized deductions included state income taxes paid of $2.910 and no other state or local taxes. Complete this question by entering your answers in the tabs below

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_2

Step: 3

blur-text-image_3

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

Payroll Management 2020 Edition

Authors: Steven M. Bragg

1642210366, 978-1642210361

More Books

Students also viewed these Accounting questions

Question

3. Explain the forces that influence how people handle conflict

Answered: 1 week ago