How much of the refund do they have

Assignment Help Taxation

Reference no: EM133279700

Question: How much of the refund do they have to include in gross income?

1. during 2022, the couple received a state tax refund of $2,500. On their 2021 tax return they claimed $10,000 (the limit) of their $12,000 in state and local taxes as an itemized deduction (their itemized deductions exceeded their standard deduction by $2,000).

2.during 2022, the couple received a state tax refund of $2,000. On their 2021 tax return they claimed $10,000 (the limit) of their $15,000 in state and local taxes as an itemized deduction (their itemized deductions exceeded their standard deduction by $2,000).

Reference no: EM133279700

Questions Cloud

Identify the characteristics of a good listener : Business Characteristics of A Good Listener Questions - Identify the characteristics of a good listener and provide a brief explanation

Captains of industry or robber barons : AMH 2020 Hillsborough Community College Admirers characterized men like Andrew Carnegie and John Rockefeller as captains of Industry

What can be done to improve it : PSY 101 Hudson County Community College Americans approved of Congress and that approval rating has been steady for a number of years now. Why? And what can be

What type of information you store : In a few short paragraphs, explain which cloud services you use and What type of information you store. How much space do you have

How much of the refund do they have : TAX 1 University of Notre Dame How much of the refund do they have to include in gross income - state and local taxes as an itemized deduction

What is the amount of capital gain tax : What is the amount of capital gain tax for these real estate transactions and Assume that the residential lot in transaction (b) was sold at P3,000,000

What role you think microeconomics has in running a business : Which of the principles of economics outlined in your reading would you be more likely to apply when making business decisions

Explain why a researcher should consult the catator : Explain why a researcher should consult the Catator before relying on a judicial opinion to support research conclusions

Determine shaunas taxable income : TAX 4022 University of Central Florida Assume Shauna's AGI is $117,000. Determine Shauna's taxable income and Determine Shauna's taxable income.

User Account

All Pages