Taxpayer Y paid local real property taxes of $4,500 and state income tax of $5,500 in 2018. Y claimed a total of $14,000 in itemized deductions on Y's 2018 federal income tax return. In 2019, Y received a $1,500 state income tax refund due to Y's overpayment of state income taxes in 2018. The standard deduction in 2018 was $12,000 How much of the state income tax refund will need to be included in Y's gross income in 2019
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Taxpayer Y paid local real property taxes of $4,500 and state income tax of $5,500 in 2018. Y claimed a total of $14,000 in itemized ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which of the following should you not consider when evaluating communication choices?
Answers (1)
Galt Industries has 50 million shares outstanding and a market capitalization of $1.25 billion. It also has $750 million in debt outstanding.
Answers (1)
If the government wants to increase production of a good to achieve marginal social benefit, then the following policy will most likely be implemented a.
Answers (1)
Exercise 5-17A Record notes receivable and interest revenue (LO5-7) On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business.
Answers (1)
The price elasticity of supply : a. is the slope of the supply curve. b. is the percentage change in quantity supplied divided by the percentage change in price. c. does not vary between the long and the short run. d. is always negative.
Answers (1)
New Questions in Business
Examples of transaction costs include (check all that apply) : A. the cost of the externality. B. the cost of monitoring an agreement. C. the cost of drafting a contract or agreement. D.
Answers (1)
Josh, Inc. is faced with the choice of either producing a newly designed product, XX-30, to stock in anticipation of demand or to customer order. The demand for the product is expected to be 5,000 units per week.
Answers (1)
Gwen is a psychologist who maintains an office in a professional suite. She often spends time doing paperwork and scheduling in her home officeWhich of the following is true?
Answers (1)
A certificate of deposit will often result in a penalty for withdrawing funds before the maturity date. If the penalty involves two months of interest, what would be the amount for early withdrawal on a $20,000, 4 percent CD?
Answers (1)
Androscoggin Copper can grow at 5% per year for the indefinite future. It's selling at $100, and next year's dividend is $5.
Answers (1)