Business
Business, 26.03.2020 23:24, aero8030

Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $720 with his state income tax return for the previous year. During the year, Tim had $4,150 of state income tax and $15,150 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,010 and $1,520 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $375 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

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Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $720 w...

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