Chester is single and paid the following items / taxes in 2020: • Paid $ 6,100 to his township for real estate taxes on his condo. • Paid $ 4,800 in association fees to the condo association on his condo. • Chester had $ 1,000 withheld from his pay for NJ State Income taxes. • Chester had $ 3,600 withheld from his pay for social security taxes. • Chester was assessed $ 1,400 by the state of New Jersey to settle an audit of his 2018 State Income Tax return. $ 1,075 was for additional 2018 state income tax and $ 325 was for interest and penalties. Chester paid the $ 1,400 in October of 2020. • Chester paid $ 1,650 in NJ Sales taxes. How much taxes may Chester deduct as an itemized deduction for taxes in 2020?

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 38P
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Chester is single and paid the following items / taxes in 2020:

• Paid $ 6,100 to his township for real estate taxes on his condo.
• Paid $ 4,800 in association fees to the condo association on his condo.
• Chester had $ 1,000 withheld from his pay for NJ State Income taxes.
• Chester had $ 3,600 withheld from his pay for social security taxes.
• Chester was assessed $ 1,400 by the state of New Jersey to settle an audit of his 2018 State Income Tax return. $ 1,075 was for additional 2018 state income tax and $ 325 was for interest and penalties. Chester paid the $ 1,400 in October of 2020.
• Chester paid $ 1,650 in NJ Sales taxes.

How much taxes may Chester deduct as an itemized deduction for taxes in 2020?

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