Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900O 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 $12,400. (Leave no answer blank. Enter zero if applicable.) b. Last year Louis had itemized deductions of $10,800 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Refund to be included in gross income
Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900O 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 $12,400. (Leave no answer blank. Enter zero if applicable.) b. Last year Louis had itemized deductions of $10,800 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Refund to be included in gross income
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 55P
Related questions
Question
![!
Required information
[The following information applies to the questions displayed below.]
Louis files as a single taxpayer. In April of this year he received a $900 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 $12,400. (Leave no answer blank. Enter zero if applicable.)
b. Last year Louis had itemized deductions of $10,800 and he chose to claim the standard deduction. Louis's itemized deductions
included state income taxes paid of $1,750 and no other state or local taxes.
Refund to be included in gross income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F87f377c8-556b-40c3-ad73-583aac17d9d0%2F4a8aa7d7-d214-490a-87f2-87dcc6aa8caa%2F5szud4q_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Louis files as a single taxpayer. In April of this year he received a $900 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 $12,400. (Leave no answer blank. Enter zero if applicable.)
b. Last year Louis had itemized deductions of $10,800 and he chose to claim the standard deduction. Louis's itemized deductions
included state income taxes paid of $1,750 and no other state or local taxes.
Refund to be included in gross income
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you