Mark for follow upQuestion 37 of 50.Christina and Javier, a married couple filing a joint return, received a state income tax refund in 2021 for state taxes theyoverpaid in 2020. They were able to reduce their 2020 federal tax liability by itemizing and claiming a deduction for state andlocal income taxes paid that year. When Christina and Javier file their 2021 return, they may need to report all or part of thestate tax refund they received in 2021 as:A negative deduction.A recaptured credit.A refundable credit.Taxable additional income.Mark for follow up

Introduction:- The following basic information as follows:- Christina and Javier, a married couple…

Mark for follow up Question 37 of 50. Christina and Javier, a married couple filing a joint ret overpaid in 2020. They were able to reduce their 2020 local income taxes paid that year. When Christina and state tax refund they received in 2021 as: O A negative deduction. A recaptured credit. O A refundable credit. Taxable additional income. Mark for follow up

Mark for follow up Question 37 of 50. Christina and Javier, a married couple filing a joint ret overpaid in 2020. They were able to reduce their 2020 local income taxes paid that year. When Christina and state tax refund they received in 2021 as: O A negative deduction. A recaptured credit. O A refundable credit. Taxable additional income. Mark for follow up

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 26CE

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Compute the 2019 AMT exemption for the following taxpayers. a. Bristol, who is single, reports AMTI of 650,000. b. Marley and Naila are married and file a joint tax return. Their AMTI is 1,528,000.
Emily, who is single, sustains an NOL of 7,800 in 2019. The loss is carried forward to 2020. For 2020, Emilys income tax information before taking into account the 2019 NOL is as follows: The 2019 single standard deduction is 12,200; Emilys itemized deductions will exceed the 2020 single standard deduction (after adjustment for Inflation). The medical expense AGI floor is 10% In 2019. How much of the NOL carryforward can Emily use in 2020, and what is her adjusted gross income and her taxable income?
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Calculating taxable income for a married couple filing jointly. Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters joint 2018 tax return. So far, hes been able to determine the following concerning income and possible deductions: Given this information, determine the amount of the available itemized deductions. How much taxable income will the Hunters have in 2018? (Note: Assume that Sebastian is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of 24,000 for married filing jointly applies.)