Tom and Betsy, who are married filing jointly, reported a standard deduction of $24,000 on their...

Tom and Betsy, who are married filing jointly, reported a standard deduction of $24,000 on their 2018 tax return. They paid $500 to the state for income taxes in 2018. In 2019, they received a $125 refund of state taxes paid in 2018. What is the amount that Tom and Betsy need to report on their 2019 tax return?

Expert Solution

Tax status of Tom and Betsy is married and jointly filing. In the given case, they have paid the taxes of $ 500 in 2018. In lieu of this in 2019, they got refund of $ 125 in their account. That would render tax payable or tax receivable balance with IRS zero.

Hence, in 2019 tax, Tom and Betsy should report $0 in tax return

ekkarill92 answered 2 years ago

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