Christina and Javier, a married couple filing a joint return, received a state income tax refund in 2020 for state taxes they overpaid in 2019. They were able to reduce their 2019 federal tax liability by itemizing and claiming a deduction for state and local income taxes paid that year. When Christina and Javier file their 2020 return, they may need to report all or part of the state tax refund they received in 2020 as

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A: Kiddie tax is applicable when the taxpayer's age is less than 18 years old.  Another condition is…

Q: During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended…

A: Answer:        Tax on Smith taxable income of $130000 based   on tax rates for joint returns…

Q: JUNII and Sahdy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha.…

A: Introduction A tax payer's net tax payable or refund is calculated by first determining gross tax…

Q: Ava and her husband, Leo, file a joint return and are in the 32% Federal income tax bracket (AGI is…

A: The Child and Dependent Care Tax Credit is a federal tax credit that assists working families with…

Q: in 2023 lisa and fred a married couple had taxable income of $401,200. if they were to file separate…

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Q: Requirement What is David​'s AMT liability for 2019​?   Begin by computing David​'s alternative…

A: Solution-                                                Calculation of David Amt Liability for 2019…

Q: Simon is single and a stockbroker for a large investment bank. During 2020, he has withheld from his…

A: Given information, withheld from his paycheck=$2,250 for state taxes and $400 for city taxes. Simon…

Q: Rita, a calendar-year individual taxpayer, files her 2018 income tax return on October 5, 2020. An…

A: Tax filling means to fill a form in which the income and expenses of the tax payers are filled along…

Q: Claude and Maryse earned $188,950 as a married couple filing jointly in 2022. They did not have…

A: The standard deduction for married couples filing jointly: $25,900 for 202222022 tax table: married,…

Q: Doyle and Rosie, who filed jointly, are both on active duty. They have two children, Doyle, Jr. (age…

A: The Earned Income Tax Credit (EITC) is a pivotal federal initiative crafted to extend financial…

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A: The Kid Tax Credit went boosted from $2,000 per qualified child to $3,600 for children aged 5 and…

Q: tina, who is single. Adrian and Carol, who are filing a joint return. Their son is blind. Peter and…

A: Standard deduction refers to that section of the income of an entity that is not subject to tax and…

Q: Dale and Eleanor are married taxpayers. In 2021, they will file a joint return and will take the…

A: It is assumed that depreciation on computer and f&f is 40% per annum

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A: INTRODUCTION: Tax credits are sums of money that taxpayers can deduct directly from their taxes. Tax…

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A: Child Tax credit: It is a tax benefit granted to American taxpayers for each qualifying dependent…

Q: Oscar and Mary have no dependents and file a joint income tax return for 2020. They have adjusted…

A: Formula: Taxable income = Gross income - itemized deductions

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A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…

Q: In 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: In this case 7000 $ is an unearned income,and it exceeded 2200 limit.

Q: Sandra and Nick, married taxpayers filing a joint return, have $180,000 in taxable income in 2019.…

A: For the 2019 the standard deduction for married filing jointly is $ 24,400.…

Q: Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income…

A: Particulars                                                    $ Withheld in 2019…

Q: Charles and Joan Thompson file a joint return. In 2021, they had taxable income of $104,200 and paid…

A: Tax liability refers to the amount of tax that an individual or organization owes to the government…

Q: Review the following scenario. Use the information provided to answer questions about the taxpayer’s…

A: GIVEN   Evonne Williams (32) is filing as a single taxpayer. Evonne was the beneficiary of one of…

Q: Shelley is a self-employed CPA.  In 2020, she had gross revenue of $255,000 and expenses of $40,000…

A: Self employed individuals are required to pay both the employee and employer portion of social…

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A: Itemized deductions involve the following amounts that are paid for state as well as local income or…

Q: Dale and Eleanor are married taxpayers. In 2021, they will file a joint return and will take the…

A: W2 wages shall be deducted from business income to arrrve at Gross business income from Just…

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A: Tax Owed is the amount of income tax that Jordan and Alex owe to the IRS based on their income,…

Q: Ava and her husband, Leo, file a joint return and are in the 24% Federal income tax bracket in 2020.…

A: Particulars When they consider the option When they do not consider the option Income 75,000…

Q: Ava and her husband, Leo, file a joint return and are in the 24% tax bracket in 2019. Ava’s employer…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Charles and Joan Thompson file a joint return. In 2019 they had taxable income of $92,370 and paid…

A: All amounts are in dollar ($).

Q: and Mrs. David Tile

A: RateFor Married Individuals Filing Joint Returns, Taxable Income Over10%Up to $19,400 12%$19,401 to…

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A: Pension plan: Pension plan can be defined as the plan where both employer and employee contribute…

Q: Juanita is a single and is self-employed. Juanita owed $1,300 in taxes on her 2019 return and…

A: It is the tax payable by the taxpayer, who is self-employed. As per the provisions of IRS, the…

Q: Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2019,…

A: Premium tax credit refers to the refundable tax credit that is depicted for helping the eligible…

Q: What is the amount of state income taxes Joyce may include as an itemized deduction for 2021? b.…

A:

Q: Nicholas died on December 27, 2020. His wife, Jessica, has not remarried. On January 31, 2021,…

A: When an employee died and his final payment was pending, the following three options will be…