contestada

Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $1,100 with his state income tax return for the previous year. During the year, Tim had $5,050 of state income tax and $17,850 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,190 and $1,880 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $465 for state income taxes when he files his state tax return for this year in April next year. What is the amount of taxes that Tim can deduct as an itemized deduction?

Respuesta :

Answer:

The amount of taxes that Tim can deduct as an itemized deduction is $7,340

Explanation:

The computation of the itemized deduction is shown below:

= State income tax for the previous year + state income tax from his salary + estimated payments of state income tax

= $1,100 + $5,050 + $1,190

= $7,340

The other item values which are mentioned in the question are not considered and not affect the deductions for current year So, we do not take in the computation part. Hence, ignored it

Otras preguntas