Frank and Liz are married. During 2021, Frank has $2,800 in state income taxes withheld from his
Question:
Frank and Liz are married. During 2021, Frank has $2,800 in state income taxes withheld from his paycheck, and Liz makes estimated tax payments totaling $2,200. In May 2022, they receive a state tax refund of $465. What is the proper tax treatment of the refund in 2022 if
a. They use the standard deduction?
b. They have itemized deductions other than state income taxes of $21,000?
c. They have itemized deductions other than state income taxes of $20,000?
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a Because they used the standard deduction of 25100 in 2021 they do not have to include the income t...View the full answer
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Related Book For 
Concepts In Federal Taxation 2022
ISBN: 9780357515785
29th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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