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Chapter 8 Homework Question 2
Chapter 8 Homework
Joyce is a single, cash-method taxpayer. On April 11, 2019, Joyce paid $120 in state income taxes with her 2018 state income tax return. During 2019, Joyce had $1,600 in state income taxes withheld. On April 13, 2020, Joyce paid $200 with her 2019 state tax return. During 2020, she had $2,100
in state income taxes withheld from her paycheck. Upon filing her 2020 tax return on April 15, 2021, she received a refund of $450 for excess state income taxes withheld. Joyce had total AGI in 2020 and 2021 of $51,000 and $53,500, respectively. In 2020, Joyce also paid $10,500 in qualified residence interest.
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a. |
What is the amount of state income taxes Joyce may include as an itemized deduction for 2019? |
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b. |
What is Joyce’s allowed itemized deduction for state income taxes for 2020? |
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c. |
What is Joyce’s taxable income for 2020? |
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