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Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $900 with his state income
Posted: Sun Jul 03, 2022 1:17 pm
by answerhappygod
- Tim Is A Single Cash Method Taxpayer With An Agi Of 50 000 In April Of This Year Tim Paid 900 With His State Income 1 (19.29 KiB) Viewed 11 times
Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $900 with his state income tax return for the previous year. During the year, Tim had $4,600 of state income tax and $16,500 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,100 and $1,700 for state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $420 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? Deductible taxes