Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Sharon is single, lives in Idaho, and has adjusted gross income of $81,000 for 2020. Sharon deducts state income tax rather than state sales tax.

image text in transcribed

Sharon is single, lives in Idaho, and has adjusted gross income of $81,000 for 2020. Sharon deducts state income tax rather than state sales tax. The tax withheld from her salary for state income taxes in 2020 is $1,050, and in May of 2020 she received a $225 refund on her state income tax return for the prior year. Sharon paid real estate taxes on her house of $825 for the year and an automobile registration fee of $110, of which $25 is based on the weight of the automobile and the balance on the value of the property. Use the Taxes You Paid section of Schedule A below to report Sharon's deduction for state and local taxes. Enter all amounts as positive numbers. 5 State and local taxes Taxes You Paid a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, check this box. 5a b State and local real estate taxes (see instructions) 5b c State and local personal property taxes 5c d Add lines 5a through 5c... 5d e Enter the smaller of line 5d and $10,000 ($5,000 if married filing separately).... 6 Other taxes. List type and amount 5e 6 7 Add lines 5e and 6. 7 Sharon is single, lives in Idaho, and has adjusted gross income of $81,000 for 2020. Sharon deducts state income tax rather than state sales tax. The tax withheld from her salary for state income taxes in 2020 is $1,050, and in May of 2020 she received a $225 refund on her state income tax return for the prior year. Sharon paid real estate taxes on her house of $825 for the year and an automobile registration fee of $110, of which $25 is based on the weight of the automobile and the balance on the value of the property. Use the Taxes You Paid section of Schedule A below to report Sharon's deduction for state and local taxes. Enter all amounts as positive numbers. 5 State and local taxes Taxes You Paid a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, check this box. 5a b State and local real estate taxes (see instructions) 5b c State and local personal property taxes 5c d Add lines 5a through 5c... 5d e Enter the smaller of line 5d and $10,000 ($5,000 if married filing separately).... 6 Other taxes. List type and amount 5e 6 7 Add lines 5e and 6. 7

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Principles of Auditing and Other Assurance Services

Authors: Ray Whittington, Kurt Pany

19th edition

978-0078025617

Students also viewed these Accounting questions

Question

Menstrual cycle length. Exercise

Answered: 1 week ago