50. Joanne, a single individual, has $2,000 in state taxes withheld from her salary in 2019....
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50. Joanne, a single individual, has $2,000 in state taxes withheld from her salary in 2019. Her total itemized deductions are $12,400. She claims the $2,000 as an itemized deduction on her 2019 tax return. In 2020, she receives a state income tax refund of $700. Under the tax benefit rule, she has to report income in 2020 of:
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51. Margarita, a single individual, has $2,000 in state taxes withheld from her salary in 2019. Her total itemized deductions are $13,500. She claims the $2,000 as an itemized deduction on her 2019 tax return. In 2020, she receives a state income tax refund of $400. Under the tax benefit rule, she has to report income in 2020 of:
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Homework Answers
50. Joanne, a single individual, has $2,000 in state taxes withheld from her salary in 2019. Her total itemized deductions are $12,400. She claims the $2,000 as an itemized deduction on her 2019 tax return. In 2020, she receives a state income tax refund of $700. Under the tax benefit rule, she has to report income in 2020 of:
Answer :e. $-0-, but she must file an amended 2019 tax return and reduce her itemized deductions by $700.
51. Margarita, a single individual, has $2,000 in state taxes
withheld from her salary in 2019. Her total itemized deductions are
$13,500. She claims the $2,000 as an itemized deduction on her 2019
tax return. In 2020, she receives a state income tax refund of
$400. Under the tax benefit rule, she has to report income in 2020
of:
Answer:e. $-0-, but she must file an amended 2019 tax return and reduce her itemized deductions by $400.
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50. Joanne, a single individual, has $2,000 in state taxes
withheld from her salary in 2019....
Laura had $3,000 of state income taxes withheld from her salary in 2019. Laura properly claimed...
Laura had $3,000 of state income taxes withheld from her salary in 2019. Laura properly claimed the standard deduction on her Form 1040 for 2019. Her 2019 state tax return (filed on April 15, 2020) showed an $1,000 refund, which she received on May 25, 2020. How much of the state tax refund should be included in income on her 2020 federal return? $400 $0 $100 $200 $600
22. Sherry, age 40, whose filing status is single, paid state income taxes in 2019 totaling...
22. Sherry, age 40, whose filing status is single, paid state income taxes in 2019 totaling $3,200. Sherry di not pay any property taxes, sales taxes, or use taxes in 2019. On her 2019 federal income tax return, her itemized deductions totaled $12,600. In 2020, Sherry files her 2019 state income tax return and receives a $1,100 refund. a) Sherry must include $200 in her 2020 gross income. b) Sherry must amend her 2019 Federal income tax return to reduce...
Apply the tax benefit rule to determine the amount of the state income tax refund included...
Apply the tax benefit rule to determine the amount of the state income tax refund included in gross income in 2020. If an amount is zero, enter "0". a. Myrna and Geoffrey filed a joint tax return in 2019. Their AGI was $85,000, and itemized deductions were $25,100, which included $7,000 in state income tax and no other state or local taxes. In 2020, they received a $1,800 refund of the state income taxes that they paid in 2019. The standard...
Problem 10-30 (Algorithmic) (LO.4) Norma, who is single and uses the cash method of accounting, lives...
Problem 10-30 (Algorithmic) (LO.4) Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income tax. In April 2019, she files her state income tax return for 2018 and pays an additional $940 in state income taxes. During 2019, her withholdings for state income tax purposes amount to $3,290, and she pays estimated state income tax of $658. In April 2020, she files her state income tax return for 2019, claiming a...
Apply the tax benefit rule to determine the amount of the state income tax refund included...
Apply the tax benefit rule to determine the amount of the state income tax refund included in gross income in 2020. Veronica filed as a single taxpayer in 2019. Her AGI was $236,500, and itemized deductions were $42,600. Her local property taxes were $14,800 and her state income taxes were $21,300. In 2020, Veronica received a $2,100 refund of the state income taxes she paid in 2019. The standard deduction for single filers in 2019 was $12,200. What is Veronica's...
- Assuming that Norma itemized deductions in 2019 (which totaled $27,700), how will the refund of...
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Lyndon's employer withheld $10,100 in state income taxes from Lyndon's wages in 2019. Lyndon obtained a...
Lyndon's employer withheld $10,100 in state income taxes from Lyndon's wages in 2019. Lyndon obtained a refund of $1,700 in this year for overpayment of state income taxes for 2018. State income taxes were an itemized deduction on his 2018 return. His 2019 liability for state income tax is $8,700. Indicate the amount of Lyndon's deduction for state income taxes on his federal tax return assuming he elects to deduct state income taxes for 2019.
Pierre, a cash basis, unmarried taxpayer, had $4,670 of state income tax withheld during 2019. Also...
Pierre, a cash basis, unmarried taxpayer, had $4,670 of state income tax withheld during 2019. Also in 2019, Pierre paid $1,168 that was due when he filed his 2018 state income tax return and made estimated payments of $3,269 towards his 2019 state income tax liability. When Pierre files his 2019 Federal income tax return in April 2020, he elects to itemize deductions, which amount to $15,650, including the state income tax payments and withholdings, all of which reduce his...
Problem 10-30 (Algorithmic) (LO. 4) Norma, who is single and uses the cash method of accounting,...
Problem 10-30 (Algorithmic) (LO. 4) Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income tax. In April 2019, she files her state income tax return for 2018 and pays an additional $940 in state income taxes. During 2019, her withholdings for state income tax purposes amount to $3,290, and she pays estimated state income tax of $658. In April 2020, she files her state income tax return for 2019, claiming...
7. MC.06.097 Which of the following is not a related party for constructive ownership purposes under...
7. MC.06.097 Which of the following is not a related party for constructive ownership purposes under $ 267? a. A corporation owned more than 50% by the taxpayer. Ob. The taxpayer's brother. c. The taxpayer's grandmother, Od. The taxpayer's aunt. Oe. None of these choices are correct. 8. MC.05.091 Tonya is a cash basis taxpayer. In 2019, she paid state income taxes of $8,000. In early 2020, she fled her 2019 state income tax return and received a $900 refund....
22. Sherry, age 40, whose filing status is single, paid state income taxes in 2019 totaling $3,200. Sherry di not pay any property taxes, sales taxes, or use taxes in 2019. On her 2019 federal income tax return, her itemized deductions totaled $12,600. In 2020, Sherry files her 2019 state income tax return and receives a $1,100 refund. a) Sherry must include $200 in her 2020 gross income. b) Sherry must amend her 2019 Federal income tax return to reduce...
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Pierre, a cash basis, unmarried taxpayer, had $4,670 of state income tax withheld during 2019. Also in 2019, Pierre paid $1,168 that was due when he filed his 2018 state income tax return and made estimated payments of $3,269 towards his 2019 state income tax liability. When Pierre files his 2019 Federal income tax return in April 2020, he elects to itemize deductions, which amount to $15,650, including the state income tax payments and withholdings, all of which reduce his...
Problem 10-30 (Algorithmic) (LO. 4) Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income tax. In April 2019, she files her state income tax return for 2018 and pays an additional $940 in state income taxes. During 2019, her withholdings for state income tax purposes amount to $3,290, and she pays estimated state income tax of $658. In April 2020, she files her state income tax return for 2019, claiming...
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