Assume the same facts as Problem 7-40, but change the amount of Joyces mortgage interest to $3,000.
Question:
In problem 7-40
Joyce is a single, cash-method taxpayer. On April 11, 2014, Joyce paid $120 in state income taxes with her 2013 state income tax return. During 2014, Joyce had $1,600 in state income taxes withheld. On April 13, 2015, Joyce paid $200 with her 2014 state tax return. During 2015, she had $2,100 in state income taxes withheld from her paycheck. Upon filing her 2015 tax return on April 15, 2016, she received a refund of $450 for excess state income taxes withheld. Joyce had total AGI in 2015 and 2016 of $51,000 and $53,500, respectively. In 2015, Joyce also paid $5,500 in qualified residence interest.
a. What is her taxable income for 2015?
b. What is her AGI for 2016?
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Step by Step Answer:
a Joyces 2015 taxable income is 40700 computed as follows ...View the full answer
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Related Book For 
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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