Claimed itemized deductions, Accounting Basics

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Claimed itemized deductions

This year Kelsi received a $1,900 refund of state income taxes that she paid last year. Last year Kelsi claimed itemized deductions of $6,900 and this total included $2,800 of state income taxes.

How much of the refund, if any, must Kelsi include in gross income if the standard deduction last year was $5,800?

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Accounting Basics: Claimed itemized deductions

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Accounting Basics: Claimed itemized deductions

Reference No:- TGS052391

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Units of production for direct material and for conversion

Q : Itemized deductions basics

Q : Journalize the transactions-perpetual inventory system

Q : What is the cost of equity for the firm

Q : Claimed itemized deductions

Q : Amount of interest-semiannually to bondholders

Q : Computing the tax liability-federal income tax

Q : Determine the dollar amount of prime costs

Q : What is the monthly break-even in sales dollars

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Claimed itemized deductions

Reference No:- TGS052391

Recent Questions Asked Accounting Basics

Q : Units of production for direct material and for conversion

Q : Itemized deductions basics

Q : Journalize the transactions-perpetual inventory system

Q : What is the cost of equity for the firm

Q : Claimed itemized deductions

Q : Amount of interest-semiannually to bondholders

Q : Computing the tax liability-federal income tax

Q : Determine the dollar amount of prime costs

Q : What is the monthly break-even in sales dollars

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