Question

Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,000. (Leave no answer blank. Enter zero if applicable.)

a. Last year Louis claimed itemized deductions of $12,250. Louis’s itemized deductions included state income taxes paid of $1,750 and no other state or local taxes.

**b.** Last year Louis had itemized deductions of
$10,800 and he chose to claim the standard deduction. Louis’s
itemized deductions included state income taxes paid of $1,750 and
no other state or local taxes.**.**

**C.** Last year Louis claimed itemized deductions
of $13,440. Louis’s itemized deductions included state income taxes
paid of $2,750 and no other state or local taxes.

Answer #1

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Louis files as a single taxpayer. In April of this year he
received a $1,200 refund of state income taxes that he paid last
year. How much of the refund, if any, must Louis include in gross
income under the following independent scenarios? Assume the
standard deduction last year was $12,000.
a. Last year Louis claimed itemized deductions of $12,095.
Louis’s itemized deductions included state income taxes paid of
$2,075 and no other state or local taxes.
b. Last year...

L. A. and Paula file as married taxpayers. In August of this
year, they received a $5,200 refund of state income taxes that they
paid last year. How much of the refund, if any, must L. A. and
Paula include in gross income under the following independent
scenarios? Assume the standard deduction last year was $24,000.
(Leave no answer blank. Enter zero if applicable.)
a. Last year L. A. and Paula had itemized deductions of $19,200,
and they chose to...

Kurstie received a $800 state income tax refund this year.
Kurstie deducted $3,000 of state income taxes paid in the prior
year as part of her itemized deductions. Which of the following
statements regarding the taxability of Kurstie’s refund is
true?
a. If Kurstie’s itemized deductions exceeded the standard
deduction by $200, then the $800 refund is included in gross
income.
b. If Kurstie’s itemized deductions exceeded the standard
deduction by $200, then $200 of the refund is included in...

This year Kelsi received a $1,900 refund of state income taxes
that she paid last year. She had paid $2,800 of state income taxes
last year. The standard deduction amount last year was $12,200
How much of the $1,900 refund, if any, must Kelsi include in
gross income this year, under each of the following independent
assumptions?
a. If her total itemized deductions last year were $13,300,
including $2,800 of state income taxes
TAXABLE REFUND =
b. If her total...

1/ Linda, who files as a single taxpayer, had AGI of $280,000
for 2018. She incurred the following expenses and
losses during the year:
Medical expenses (before the 7.5%-of-AGI limitation)
$33,000
State and local income taxes
4,800
State sales tax
1,300
Real estate taxes
6,000
Home mortgage interest
5,000
Automobile loan interest
750
Credit card interest
1,000
Charitable contributions
7,000
Casualty loss (before 10% limitation but after $100 floor; not
in a Federally declared disaster area)
34,000
Unreimbursed employee business...

Noah who is single and uses the cash method of accounting, lives
in a state that imposes an income tax. In April 2020, he files his
state income tax return for 2019 and pays an additional $1,000 in
state income taxes. During 2020, his withholdings for state income
tax purposes amount to $7,400 and he pays estimated state income
tax of $700. In April 2021, he files his state income tax return
for 2020, claiming a refund of $1,800. Noah...

Sylvester files as a single taxpayer during 2017 and claims one
personal exemption. He itemizes deductions for regular tax
purposes. He paid charitable contributions of $16,600, real estate
taxes of $3,300, state income taxes of $6,350, and interest on a
home-equity loan of $4,800. Sylvester’s regular taxable income is
$163,000. a. What is Sylvester's AMTI if he used the home-equity
proceeds to purchase a car?

1. Chen, a single taxpayer, had the following income and
deductions during 2018:
Salary
$55,000
Interest on bank
account
750
Tax-exempt
interest
500
Deduction for
AGI
5,500
Itemized
deductions
15,000
Taxes
withheld
5,500
Calculate Chen's tax liability due or refund.
2.
Artimisa's employer pays $8,000 in tuition this year for
Artimisa to attend a graduate business program. How much of the
employer-provided tuition is taxable to Artimisa?
A) $0
B) $2,750
C) $5,250
D) $8,000

234. Alejandro is a married taxpayer and he files a joint
return. His adjusted gross income after deductions in 2019 is
$250,000. The deductions that he needs to add back in for AMT
purposes are $6,000 in state and local taxes and $4,000 in personal
property taxes. Based on Alejandro’s alternative minimum taxable
income (AMTI) of $260,000, he is entitled to subtract the what
amount of the AMT exemption to arrive at his final taxable
amount?
A. $0
B. $54,700...

Linda, who files as a single taxpayer, had AGI of $280,000 for
2018. She incurred the following expenses and losses during the
year:
Medical expenses (before the 7.5%-of-AGI limitation)
$33,000
State and local income taxes
4,800
State sales tax
1,300
Real estate taxes
6,000
Home mortgage interest
5,000
Automobile loan interest
750
Credit card interest
1,000
Charitable contributions
7,000
Casualty loss (before 10% limitation but after $100 floor; not
in a Federally declared disaster area)
34,000
Unreimbursed employee business expenses...

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