Connect 5 Homework G Help Save Exi 0 Required informatlon Th

Connect 5 Homework G Help Save &Exi; 0 Required informatlon The following information applies to the questions displayed belowj Louis fles as a single taxpayer In April of this year he How much of the refund, if any, must Louls include in gross recelved a $1,440 refund of state income taxes that he paid lest income under the following independent scenarios? Assume the standard deduction last year was $6,300 (Leave no answer blank. Enter zero if c. Last year Louls clalmed itemized deductions of $8.270 Louis\'s temized deductions included state Income taves paid of s3.725 Pre3of28Next > MacBook Air F3 3 5 9

Solution

c Refund to be included is lesser of refund received($1440) or the excess of itemized deductions above standard deduction $1970(8270-6300) Refund to be included =$1440 a As they did not itemize deductions, none of the refund is to be included Refund to be included =$0 b Refund to be included is lesser of refund received($5320) or the excess of itemized deductions above standard deduction $11700(24300-12600) Refund to be included =$5320