Business
Business, 30.03.2020 20:19, Ajaxr3175

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 return 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

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

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