Rebecca and Gregory, a married couple filing a joint return, reported adjusted gross income of $70,000 and

Question:

Rebecca and Gregory, a married couple filing a joint return, reported adjusted gross income of $70,000 and total allowable itemized deductions of $24,900, including $3,100 for state income taxes, in 2018. They received a $1,000 refund of state income taxes in April 2019. How much of the state income tax refund must be included in their income and in which year do they include it?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Taxation For Decision Makers 2019

ISBN: 9781119497288

9th Edition

Authors: Shirley Dennis Escoffier, Karen A. Fortin

Question Posted: