Essay
This year Kelsi received a $1,900 refund of state income taxes that she paid last year.Last year Kelsi claimed itemized deductions of $13,100, including $2,800 of state income taxes.How much of the refund, if any, must Kelsi include in gross income if the standard deduction last year was $12,000?
Correct Answer:
Verified
$1,100.
The tax benefit is the lesser of...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
The tax benefit is the lesser of...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q12: A taxpayer generally includes in gross income
Q22: Worker's compensation benefits are excluded from gross
Q33: The date on which stock options are
Q50: Trevor received a gift of $25,000 in
Q76: This year, Fred and Wilma, married filing
Q130: Wendell is an executive with CFO Tires.
Q131: Constructive receipt represents the principle that cash-basis
Q133: Gross income includes all income realized during
Q134: Kevin bought 200 shares of Intel stock
Q135: The maximum amount of net capital losses