Question: 3 1.25 points eBook Hint Print o References Problem 5-46 (LO 5-1) (Algo) Louis files as a single taxpayer. In April of this year

3 1.25 points eBook Hint Print o References Problem 5-46 (LO 5-1)(Algo) Louis files as a single taxpayer. In April of this yearhe received a $1,120 refund of state income taxes that he paidlast year. How much of the refund, if any, must Louis includein gross income under the following independent scenarios? Assume the standard deductionlast year was $12,550. Note: Leave no answer blank. Enter zero ifapplicable. Required: a. Last year Louis claimed itemized deductions of $13,020. Louis's

3 1.25 points eBook Hint Print o References Problem 5-46 (LO 5-1) (Algo) Louis files as a single taxpayer. In April of this year he received a $1,120 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 $12,550. Note: Leave no answer blank. Enter zero if applicable. Required: a. Last year Louis claimed itemized deductions of $13,020. Louis's itemized deductions included state income taxes paid of $1,970 and no other state or local taxes. b. Last year Louis had itemized deductions of $11,020 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $1,970 and no other state or local taxes. c. Last year Louis claimed itemized deductions of $14,210. Louis's itemized deductions included state income taxes paid of $2,970 and no other state or local taxes. Complete this question by entering your answers in the tabs below. Required A Required B Required C Last year Louis claimed itemized deductions of $13,020. Louis's itemized deductions included state income taxes paid of $1,970 and no other state or local taxes. Refund to be included in gross income

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!