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Phyllis, who is single, has itemized deductions totaling $20,000. She overpaid her 2017 state income tax and is entitled to a refund of $400 in 2018. Phyllis chooses to apply the $400 overpayment toward her state income taxes for 2018. She is required to recognize that amount as income in 2018.
Personal in Nature
Characteristics or belongings that are intimately related to an individual's private life or identity.
Assignment
The transfer of rights, property, or obligations from one party to another, often used in contracts and in the context of loans or leases.
Personal in Nature
Describes something that is intended for or affecting an individual rather than a group or an entity.
Contractual Duties
Obligations that parties are legally bound to perform as outlined in a contract.
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