[The following information applies to the questions displayed below.] L. A. and Paula file as married...
[The following information applies to the questions displayed below.]
L. A. and Paula file as married taxpayers. In August of this year, they received a $5,040 refund of state income taxes that they paid last year.
How much of the refund, if any, must L. A. and Paula include in gross income under the following independent scenarios? Assume the standard deduction last year was $24,400. (Leave no answer blank. Enter zero if applicable.)
c. Last year L. A. and Paula claimed itemized deductions of $30,050. Their itemized deductions included state income taxes paid of $10,900, which were limited to $10,000 due to the cap on state and local tax deductions.
Homework Answers
Deduction claimed= $ 30050 + 10900 = $ 40950
Deduction allowed= $ 24400+10000 =$34400
Excess claimed=$6550
Refund =$5040
Since refund is$5040 the same should be added to this year income.
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L. A. and Paula file as married...
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