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July 24, 2014

Homework Help: tax income

Posted by Billy on Friday, March 2, 2012 at 12:25am.

Tom and Betsy, who are married filing jointly, reported a standard deduction of $11,400 on their 2010 tax return. They paid $500 to the state for income taxes in 2010. In 2011, they received a $125 refund of state taxes paid in 2010. What is the amount that Tom and Betsy need to report on their 2011 tax return?

a. $0
b.$125
c. $375
d. $500

is it D

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