Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 01, 2024

Cindy paid $12,000 SALT in 2020 and claimed a total of $15,000 itemized deduction in 2020 return. In 2021, Cindy received a state income tax

Cindy paid $12,000 SALT in 2020 and claimed a total of $15,000 itemized deduction in 2020 return. In 2021, Cindy received a state income tax refund of $750. How much of the refund, if any, must Cindy include in her 2021 gross income (2020 standard deduction is 12400)?

A.

$0

B.

$750

C.

$2,600

D.

$3,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions

Question

★★★★★

8) Implement a class UserNames which requires an ArrayList of names (user names), consider the following static methods methods: initilizeUserName(), deleteUserName(), addUserName() and display...

Answered: 1 week ago

Question

★★★★★

Conlon Enterprises reports the following information about resources: Required Compute unused setup and clerical resource capacity for Conlon Enterprises. Cost Driver Rate Cost Driver Volume...

Answered: 1 week ago

Question

★★★★★

7-2. What is a high-touch product? Explain the difference between high-tech product positioning and high-touch product positioning. Can some products be positioned using both strategies? Explain.

Answered: 1 week ago

Question

★★★★★

Define self-discipline. (p. 210)

Answered: 1 week ago

Question

★★★★★

On Friday nights, patients arrive at the emergency room at Mercy Hospital at an average rate of seven per hour, which follows a Poisson distribution. Assume that an emergency-room physician can treat...

Answered: 1 week ago

Question

★★★★★

What is the result of evaluating the Haskell expressions below? Standard library reminders: groupBy :: (a -> a -> Bool) -> [a] -> [(al] - splits a list into consecutive runs that match according to...

Answered: 1 week ago

Question

★★★★★

Identify three things HealthSouth was doing to cook the books and, for each, explain the impact they had on the financial statements.

Answered: 1 week ago

Question

★★★★★

Novak Company has two production departments, Fabricating and Assembling. At a department managers' meeting, the controller uses flexible budget graphs to explain total budgeted costs. A separate...

Answered: 1 week ago

Question

★★★★★

Vehicle speed on a particular bridge in China can be modeled as a normal distribution. If 5% of all vehicles travel less than 39.58 miles/hr and 10% travel more than 73.95 miles/hr, what are the mean...

Answered: 1 week ago

Question

★★★★★

The technical reference manual for the Cortex-A15 says that the GIC is memory mapped. That is, the core processors use memory mapped I/O to communicate with the GIC. Recall from Chapter 7 that with...

Answered: 1 week ago

Question

★★★★★

i. In preparing its financial statements for the year ended December 31, 2022, Wells Ltd inventory count was carried out on the 4 of January 2023. The value of the inventory counted was $360 000....

Answered: 1 week ago

Question

★★★★★

The daycycle dictionary in daycycle.json has a very unusual way of representing the times for sunset and sunrise. It makes use of several nested layers of dictionaries. Do you like this...

Answered: 1 week ago

Question

★★★★★

Which of the following statements concerning Simplified Employee Pension (SEP) - IRA plans is correct? (a) The limit on employer contributions that can be excluded from an employee's income is the...

Answered: 1 week ago

Question

★★★★★

Prairie Outfitters, Inc., a retailer, accepts paymnent through credit cards. During August, credit card sales amounted to $12,000. The processor charges a 3% fee. Assuming that the credit card...

Answered: 1 week ago

Question

★★★★★

What change thresholds are appropriate to establish for this project?

Answered: 1 week ago

Question

★★★★★

Following is a list of tasks to be performed in preparation for a camping trip. Draw a WBS that places the tasks in their proper relationship to one another. The solution can be found in the Answers...

Answered: 1 week ago

Question

★★★★★

Is it appropriate to accept the change?

Answered: 1 week ago

Previous Question Next Question