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I'm in hurry. Please help me! Harvey itemized deductions on his 2021 income tax return and was able to deduct all state and local income
I'm in hurry. Please help me!
Harvey itemized deductions on his 2021 income tax return and was able to deduct all state and local income taxes paid. Harvey plans to itemize deductions again in 2022 and the following information is available regarding state and local income taxes: Assuming he deducts state and local income taxes, how should this information be reported by Harvey on his 2022 tax return? a. Itemized deduction for state and local income taxes of $12,300 b. Itemized deduction for state and local income taxes of $10,000 and income from state and local tax refund of $500 c. Itemized deduction for state and local income taxes of $12,800 d. Itemized deduction for state and local income taxes of $12,500, and income from state and local tax refund of $200 Which of the following is a factor that would inform the IRS that a loss is from a business, rather than a hobby? a. The activity is not expected to make a future profit. b. The activity is owned and run by the taxpayer alone. c. The losses could have been controlled by the taxpayer d. The activity makes a profit in some years. Jon, age 45 , had adjusted gross income of $26,000 in 2022 . During the year, he incurred and paid the following medical expenses: Jon received $900 in 2022 as a reimbursement for a portion of the doctors' fees. If Jon were to itemize his deductions, what would be his allowable medical expense deduction after the adjusted gross income limitation is taken into account? a. $2,875 b. 50 c. $275 d. $925 Step by Step Solution
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