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How is the refund treated for income tax purposes

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Reference no: EM132813212

Problem 1: Tobias overpays his 2018 state tax by $500 and gets a refund of $510 (500 plus $10 in interest) in 2019. How is this refund treated for income tax purposes?

a. $500 will be taxed at the state and federal levels
b. Only the $10 will be taxed at the state level, but $510 will be taxed at the federal level
c. $510 will be taxed at the state and federal levels
d. $10 will be taxed at the state and federal levels, but only using the blind widower filing status rates

Reference no: EM132813212

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