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A married couple filing jointly is currently taking the standard deduction. They paid state income tax during the tax year 2020 in the amount od
A married couple filing jointly is currently taking the standard deduction.
They paid state income tax during the tax year 2020 in the amount od $35,000. They have no other itemized deductions.
Is the following statement accurate about whether they should be itemized on their federal U.S. 1040?
1. They should itemize because the state tax paid is higher than the standard deduction.
2. They should not itemized, because state income tax is limited.
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