Apply the tax benefit rule to determine the amount of the state income tax refund included in gross income in 2021. If an amount is zero, enter "0". a.  Myrna and Geoffrey filed a joint tax return in 2020. Their AGI was $85,000, and itemized deductions were $25,500, which included $7,000 in state income tax and no other state or local taxes. In 2021, they received a $1,800 refund of the state income taxes that they paid in 2020. The standard deduction for married filing jointly in 2020 was $24,800. $fill in the blank 1 b.  Veronica filed as a single taxpayer in 2020. Her AGI was $230,000, and itemized deductions were $42,000. Her local property taxes were $13,000 and her state income taxes were $17,000. In 2021, Veronica received a $2,100 refund of the state income taxes she paid in 2020. The standard deduction for single filers in 2020 was $12,400. $fill in the blank 2

Joyce is a single, cash-method taxpayer. On April 11, 2021, Joyce paid $120 in state income taxes with her 2020 state income tax return. During 2021, Joyce had $1,600 in state income taxes withheld. On April 13, 2022, Joyce paid $200 with her 2021 state tax return. During 2022, she had $2,100 in state income taxes with-held from her paycheck. Upon filing her 2022 tax return on April 15, 2023, she received a refund of $450 for excess state income taxes withheld. Joyce had total AGI in 2022 and 2023 of $51,000 and $53,500, respectively. In 2022, Joyce also paid $13,500 in qualified residence interest. a. What is the amount of state income taxes Joyce may include as an itemized deduction for 2021? b. What is Joyce’s allowed itemized deduction for state income taxes for 2022? c. What is Joyce’s taxable income for 2022?

Sam and Diane are completing their federal income taxes for the year and have identified the amounts listed here. How much can they rightfully deduct? (Assume itemized deductions) AGI: $83,500 Medical and dental expenses: $9,350 State income taxes: $3,850 Mortgage interest: $10,900 Qualified charitable contributions: $1,650

In 2021, Erica's AGI was $141,000, and the total tax liability was $33,650. This year, Elon’s total tax liability is $35,290. Compute the minimum amount of 2022 tax that Erica had to prepay (withholding and estimated payments) to avoid an underpayment penalty.

Determine from the tax table or the tax rate schedule, whichever is appropriate, the amount of the income tax for each of the following taxpayers for 2020. Please show all work and calculations where appropriate. Taxpayer(s) Filing Status Taxable Income Income Tax Macintosh Single $35,700 ​ Hindmarsh MFS $62,000 ​ Kinney MFJ $143,000 ​ Rosenthal H of H $91,500 ​ Wilk Single $21,400

A9

Calculate the total 2020 tax liability for a surviving spouse with one dependent child with a gross income of $51,800.00, assuming that the taxpayer takes the standard deduction. If the dependent child is under the age of 17 and $3,000.00 was withheld from the taxpayer's wages for federal income taxes, what is the amount of the taxpayer's refund or tax due? Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2020 tax year is $ Data table (Click on the following icon in order to copy its contents into a spreadsheet.) Standard Deduction Amounts Filing Status Single Married Filing Jointly or Surviving Spouse Head of Household Married Filing Separately Child Tax Credit in 2020: $2,000 per child Print Done 2020 $12,400 $24,800 $18,650 $12,400 (Enter the amount to the nearest cent.) Click the following link for a standard deduction table: - X

A single person has taxable income of $85,000 per year.  She earns $1,800 in interest from a certificate of deposit.  How much federal income tax expense will be calculated on these earnings?  Tax year 2019. Deduction amount 12,200. Tax rate 24%

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

Saved Brooklyn files as a head of household for 2023. They claimed the standard deduction of $20,800 for regular tax purposes. Their regular taxable income was $99,000. What is Brooklyn's AMTI? AMTI Description Amount