Jim received a $500 refund of state income taxes this year.Jim will not need to include the $500 in his gross income this year because he did not deduct state income taxes last year.

Name: Jim received a $500 refund of state income taxes this year.Jim will not need to include the $500 in his gross income this year because he did not deduct state income taxes last year.
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Question

Quizplus · Accepted Answer

If Jim did not deduct state income taxes last year, the refund he received this year is not considered taxable income.

Jim Received a $500 Refund of State Income Taxes This