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July 6, 2015

Homework Help: Fundamentals of Taxation

Posted by Lourane on Tuesday, November 13, 2012 at 9:53am.

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 tax 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?

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