Don't use Ai and chatgpt.Answer in step by step with explanation. Required information[The following information applies to the questions displayed below.]Louis files as a single taxpayer. In April of this year he received a $930 refund of state incometaxes that he paid last year.How much of the refund, if any, must Louis include in gross income under the followingindependent scenarios? Assume the standard deduction last year was $12,950.Note: Leave no answer blank. Enter zero if applicable.c. Last year Louis claimed itemized deductions of $14,420. Louis's itemized deductions included state income taxespaid of $2,780 and no other state or local taxes.Refund to be included in gross income

Problem Overview:Louis received a $930 refund of state income taxes paid last year. The task is to…

Answered: Required information [The following…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 4BCRQ

See similar textbooks

Similar questions

Kurstie received a 800 state income tax refund this year. Kurstie deducted 3,000 of state income taxes paid in the prior year as part of her itemized deductions. Which of the following statements regarding the taxability of Kursties refund is true? a. If Kursties itemized deductions exceeded the standard deduction by 200, then the 800 refund is included in gross income. b. If Kursties itemized deductions exceeded the standard deduction by 200, then 200 of the refund is included in gross income. c. If Kurstie claimed the standard deduction instead, then the 800 refund is taxable. d. Kurstie must include 3,000 in gross income in the current year.
During the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits. His adjusted gross income for the year was $14,500 (not including the Social Security benefits) and he received $ 30,000 in tax-exempt interest income and has no for-AGI deductions, Calculate the amount of the Social Security benefits that Brian must include in his gross income for 2019. SIMPIFIED TAXABLE SOCIAL SECURITY WORKSHEET (FOR MOST PEOPLE) 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1 3. Enter the total of taxable income items on Form 1040 except Social Security income. 4. Enter the amount of tax-exempt interest income. 5. Add lines 2,3, and 4 6. Enter all adjustments for AGl except for student loan interest, the domestic production activities deduction, and the tuition and fees deduction. 7. Subtract line 6 from line 5 . If zero or less, stop here, none of the Social Security benefits are taxable. 8. Enter $ 25,0001 $ 32,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 9. Subtract line 8 from line 7 . If zero or less, enter -0 - Note: If line 9 is zero or less, stop here; none of your benefits are faxable. Otherwise, go on to line 10 10. Enter $ 9,0001 $12,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 11. Subtract line 10 from line 9. If zero or less, enter -0 -. 12. Enter the smaller of line 9 or line 10 . 13. Enter one-half of line 12 14. Enter the smaller of line 2 or line 13 . 15. Multiply line 11 by 85 (. 85 ). If line 11 is zero, enter -0 -. 16. Add lines 14 and 15 17. Multiply line 1 by 85(.85) 18. Taxable benefits. Enter the smaller of line 16 or line 17 . 1.____________ 2.____________ 3.____________ 4.____________ 5.____________ 6.____________ 7.____________ 8.____________ 9.____________ 10.____________ 11.____________ 12.____________ 13.____________ 14.____________ 15.____________ 16.____________ 17.____________ 18.____________
Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.
Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?
How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.
Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,400. (Leave no answer blank. Enter zero if applicable.) c. Last year Louis claimed itemized deductions of $13,840. Louis's itemized deductions included state income taxes paid of $2,750 and no other state or local taxes. Refund to be included in gross income
Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $1,400 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,000. (Leave no answer blank. Enter zero if applicable.) a. Last year Louis claimed itemized deductions of $12,059. Louis’s itemized deductions included state income taxes paid of $2,530 and no other state or local taxes.
! Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,950. Note: Leave no answer blank. Enter zero if applicable. c. Last year Louis claimed itemized deductions of $14,390. Louis's itemized deductions included state income taxes paid of $2,750 and no other state or local taxes. Refund to be included in gross income
! Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,950. Note: Leave no answer blank. Enter zero if applicable. b. Last year Louis had itemized deductions of $10,800 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Refund to be included in gross income
Alpesh
! Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,400. (Leave no answer blank. Enter zero if applicable.) b. Last year Louis had itemized deductions of $10,800 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Refund to be included in gross income
Required information Skip to question [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,200. (Leave no answer blank. Enter zero if applicable.) a. Last year Louis claimed itemized deductions of $12,450. Louis’s itemized deductions included state income taxes paid of $1,750 and no other state or local taxes.

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SEE MORE TEXTBOOKS