I already have the answer to B. and C. but, I don't understand why. Could you help explain how and why this is the answer?
Homework Answers
Answer:
b. Refund to be included $0
Explanation:
Beacuse he didn't itemize his deductions, Louis received no tax benefit from the $900 tax overpayment. Hence,none of the refund is included in his gross income.
c. Refund to be included $900
Explanation:
Louis received a tax benefit for the lesser of the refund ($900) or the excess of the itemized deductions above the standard deduction ($ 13,440 - $ 12,000 = $1,440). Hence, Louis must include the entire $900 refund in gross Income.
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I already have the answer to B. and C. but, I don't understand
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