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Tom and Betsy, who are married filing jointly, reported a standard deduction of $12,200 on their 2013 tax return. They paid $500 to the state
Tom and Betsy, who are married filing jointly, reported a standard deduction of $12,200 on their 2013 tax return. They paid $500 to the state for income taxes in 2013. In 2014, they received a $125 refund of state taxes paid in 2013. What is the amount that Tom and Betsy need to report on their 2014 tax return?
a) $0.
b) $125.
c) $375.
d) $500.
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