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morpeh [17]
3 years ago
9

Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $1,160 with his state income tax r

eturn for the previous year. During the year, Tim had $5,200 of state income tax and $18,300 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,220 and $1,960 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $480 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
Business
2 answers:
WINSTONCH [101]3 years ago
8 0

Answer:

$7,580

Explanation:

Itemized deductions are deductions claimed on tax of eligible expenses during the tax year.

From the question,  Tim can deduct the amount paid with with his state income tax for previous year's return, state tax withheld during the current year, and estimated payments of state income  tax.

Given in the question

Tim paid $1,160 with his state income tax return for the previous year

Tim had $5,200 of state income tax

Tim made estimated payments of state income taxes of $1,220

Amount of taxes deductible as an itemized deduction = $1,160 + $5,200 + $1,220

= $7,580

Mamont248 [21]3 years ago
5 0

Answer:

$7,580

Explanation:

In April of this year, Tim paid $1,160 with his state income tax return for the previous year.

Tim had $5,200 of state income tax

Tim made estimated payments of $1,220 of state tax.

Therefore:

$1,160 + $5,200 +$1,220=$7,580

Tim can deduct the state taxes paid with state income tax return for the previous year, state tax which was withheld during the year, and estimated payments of state tax, a total of $7,580 in which the expected refund next year will not affect the deductions for this year, due to the fact that it may be taxable next year under the tax benefit rule.

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