Business
Business, 12.03.2021 15:10, biglue19

Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $920 with his state income tax return for the previous year. During the year, Tim had $4,650 of state income tax and $16,650 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,110 and $1,720 for state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $425 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 $920 w...

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