Calvin Miscalculated His Income in 2015 and Overpaid His State

question 35

True/False

Calvin miscalculated his income in 2015 and overpaid his state income tax by $10,000. In 2016, he amended his 2015 state income tax return and received a $10,000 refund and $900 interest. Calvin itemized his deductions in 2015, deducting $12,000 in state income tax and $30,000 total itemized deductions. As a result of the amended return in 2016, Calvin must recognize $10,900 of gross income.

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