Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help Pierre, a cash basis, unmarried taxpayer, had $1,520 of state income tax withheld during 2023. Also in 2023, Pierre paid $380 that was
please help
Pierre, a cash basis, unmarried taxpayer, had $1,520 of state income tax withheld during 2023. Also in 2023, Pierre paid $380 that was due when he filed his 2022 state income tax return and made estimated payments of $1,064 towards his 2023 state income tax liability. When Pierre files his 2023 Federal income tax return in April 2024, he elects to itemize deductions, which amount to $15,000, including the state income tax payments and withholdings, all of which reduce his taxable income. a. What is Pierre's 2023 state income tax deduction? $ x b. As a result of overpaying his 2023 state income tax, Pierre receives a refund of $608 early in 2024. The standard deduction for single taxpayers for 2023 was $13,850. How much of the $608 will Pierre include in his 2024 gross income? Feedback Check My Work Cash basis taxpayers deduct state income taxes in the year paid regardless of the year to whicStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started