Unformatted text preview: 10,150.00 10,700.00 Taxable income (before considering impact of state income tax refund) $36,995.00 $39,562.50 In 2011, taxpayer receives state income tax refund for 2010 of: $1,000.00 2010 2011 How much of the state income tax refund is included in federal taxable income (and when)? $800.00 Assume tax law in 2011 is same as in 2010, except tax rates, exemption amounts and standard deduction amounts. See also textbook page 2-10 for more on tax benefit rule. Federal Standard deduction (Single) $5,700.00 $5,800.00...
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- Spring '08
- Taxation in the United States, income tax refund