Z is a cash basis single taxpayer who itemizes her deductions. During 2018, Z had $4,000...
Z is a cash basis single taxpayer who itemizes her deductions. During 2018, Z had $4,000 in state income taxes withheld from her paycheck by her employer. She also paid the following estimated state income taxes for 2018:
4/15/2018 $600
6/15/2018 $600
9/15/2018 $600
1/15/2019 $600
What is Z's deduction for state income taxes on her 2018 Federal income tax return?
a) $5,200
b) $5,600
c) $5,800
d) $6,000
e) $6,400
Homework Answers
From the year 2018, the limit for state and local taxes to be claimed as itemized deduction has been fixed at $ 10,000.
Z's Itemized deduction for state taxes-
Employer withheld- $ 4,000
4/15/2018- $ 600
6/15/2018- $ 600
9/15/2018- $
600
Total $
5,800
Answer is Option (c) $ 5800
The amount paid in the year 2019 shall not be considered in claiming itemized deduction for the year 2018.
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