Exercise 5-27 (Algorithmic) (LO. 3) Apply the tax benefit rule to determine the amount of...
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Exercise 5-27 (Algorithmic) (LO. 3) Apply the tax benefit rule to determine the amount of the state income tax refund included in gross income in 2023. If an amount is zero, enter "0". a. Myrna and Geoffrey filed a joint tax return in 2022. Their AGI was $80,325, and itemized deductions were $29,200, which included $7,300 in state income tax and no other state or local taxes. In 2023, they received a $5,840 refund of the state income taxes that they paid in 2022. The standard deduction for married filing jointly in 2022 was $25,900.b. Veronica filed as a single taxpayer in 2022. Her AGI was $245,500, and itemized deductions were $43,700. Her local property
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