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Ishmael and Genevieve filed jointly for 2017 and claimed the standard deduction. In 2018, they received...

Ishmael and Genevieve filed jointly for 2017 and claimed the standard deduction. In 2018, they received a Form 1099-G for a $68 state income tax refund. The amount reported on their 2018 Form 1040, line 10, is ____________.

a. $0

b. $68

c. $3,950

d. Not enough information is given to make this determination

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Answer #1

.

  • A Form 1099-G is received because it shows we claimed state income tax payments as an itemized deduction on Schedule A of Federal Income Tax Return for the tax year listed in Box 3 and received a refund, credit, or offset of $10.00 or more
  • The amount reported on the Form 1099-G must be reported in the year it was received.
  • we can use Line 10 of IRS Form 1040 to report the total taxable sum of state or local credits, refunds and other deductions which have received during the year.

so the amount reported on their 2018 Form 1040, line 10, is 68$

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