Mark and Carol file a joint return and report itemized deductions $30,000 on their 20x1 Form 1040.
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Included in the $30,000 of itemized deductions are state income taxes paid of $6,000. In early 20x2, after filing their 20x1 state income tax return, Mike and Carol receive a $600 refund of state income taxes. How, if at all, should the $600 be reported on the couple's 20x2 Form 1040?
What is the name of the tax law concept that supports your answer?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: