Question myrna and geoffrey filed a joint tax return in, Ask an Expert

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Question: Myrna and Geoffrey filed a joint tax return in 2015. Their AGI was $85,000, and itemized deductions were $13, 700, which included $4,000 in state income tax. In 2016, they received a $1, 800 refund of the state income taxes that they paid in 2015. The standard deduction for married filing jointly in 2015 was $12, 600.

Under the tax benefit rule, $ x of the state income tax refund is included in gross income in 2016.

If an income item is within the all-inclusive definition of gross income, the item can be excluded only if the taxpayer can locate specific authority for doing so.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92569782

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