Christina and Javier, a married couple filing a joint return, received a state income tax refund in 2020 for state taxes they overpaid in 2019. They were able to reduce their 2019 federal tax liability by itemizing and claiming a deduction for state and local income taxes paid that year. When Christina and Javier file their 2020 return, they may need to report all or part of the state tax refund they received in 2020 as

Q: During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended…

A: Answer:        Tax on Smith taxable income of $130000 based   on tax rates for joint returns…

Q: Julie, being self-employed, is required to make estimated payments of her tax liability for the…

A: In case estimated tax of an individual is $1,000 or more than quarterly payment of tax should be…

Q: Guy who uses the cash method of accounting, lives in a state that imposes an income tax.  During…

A: Guy uses the cash method of accounting, His deduction of 2020 is limited to tax paid in 2019 $ 300…

Q: Requirement What is David​'s AMT liability for 2019​?   Begin by computing David​'s alternative…

A: Solution-                                                Calculation of David Amt Liability for 2019…

Q: In 2020, Paul, who is single, has a comfortable salary from his job as well as income from his…

A: The amount which a taxpayer has to pay in excess of regular tax amount due towards IRS because of…

Q: Rita, a calendar-year individual taxpayer, files her 2018 income tax return on October 5, 2020. An…

A: Tax filling means to fill a form in which the income and expenses of the tax payers are filled along…

Q: L. A. and Paula file as married taxpayers. In August of this year, they received a $4,580 refund of…

A: A. In this situation L.A. and paula consider standard deduction only, because standard deduction…

Q: In 2021, Jasmine and Thomas, a married couple, had taxable income of $101,000. If they were to file…

A: To calculate the benefit or penalty we have to calculate the tax liability jointly and seprately.…

Q: Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children.…

A: Taxable Income: The amount of adjusted gross income that is liable to be taxed is known as taxable…

Q: Julie, a self-employed individual, is required to make estimated payments of her tax liability for…

A: Estimated Tax: Estimated tax is a prepayment of projected taxes based on the amount of revenue…

Q: Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children.…

A: American Opportunity credit is also known as American Opportunity Tax Credit (AOTC) is a credit for…

Q: Melissa and Whitney are married taxpayers with taxable income of $106,000 and file a joint tax…

A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…

Q: Cally, who is married and has one child, owns a bakery. During the 2021 tax year, her Sales $…

A: Self-employment is America is taxable at a special rate on the income generated from…

Q: Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer.…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: For each of the following situations, indicate whether the taxpayer(s) is (are) required to file a…

A: Monica received $ 500 as unreported tip and owes Social Security taxes on these tips. Total income…

Q: During the tax year 2021, Crenshaw experienced the following: His mortgage was discharged due to…

A: In 2021, 9 individual income tax provisions which expired in 2020 were re-introduced or extended in…

Q: Brian, a self-employed individual, pays state income tax payments of: $ 900 on January 15, 2020…

A: SOLUTION- DEDUCTION- IT IS THE INVESTMENT/EXPENDITURE THAT HELPS IN REDUCING THE TAX PAYABLE.

Q: In the following independent case determine the maximum amount of 2019 personal tax credits,…

A: The amount of tax credit is 15% of the lessee of: $2,000 The total pension income received…

Q: Maryann filed her Income Tax Return for taxable year 2021 on May 2, 2022. After an investigation, it…

A: Income tax return refers to the statement filed with the government that reflects the income,…

Q: Rebecca and Gregory, a married couple filing a joint return, reported adjusted gross income of…

A: ANSWER Amount $ 500 of state income tax refund will be included in gross income of 2020.   Working…

Q: Allen and Charlotte  married in 2020 the file a joint return  for the yeard but irs off set because…

A: Tax refers to the amount charged by the government from individuals and organizations on the income…

Q: what is the maximum amount they can give to the family (including the sons- and daughters-in-law)…

A: For 2020, the maximum amount of gift to an individual without having to pay gift tax is $15,000 to…

Q: Taylor, age 16, is claimed as a dependent by her parents. For 2020, she has the following income:…

A: Kiddie tax is applicable on a dependent child if all the following requirements are met for the…

Q: In 2019, Gloria, a single taxpayer, receives a Schedule K-1 from a partnership she is invested in.…

A: QBI deduction:   QBI is the net number of qualified items of income, gain, deduction and loss from…

Q: Denise's child tax credit for 2019 is

A: Tax credit is defined as the reduction in the tax liability of the taxpayer. It is known as tax…

Q: Christina and javier a married couple  filing  a jojng return recieve  in a state income refund 2030…

A: Taxable additional income 1.As state tax overpaid in 2019 is used as deduction for reducing their…

Q: ll of 2020 after having completed her junior year during the spring of that year.  Both Devona and…

A: Calculation of American Opportunity credit available to Jerome and Kelly for 2020 American…

Q: Each of the following taxpayers received a state income tax refund in 2020. In all cases, the…

A: While making the taxation there is standard / itemized deduction which are allowed for the total…

Q: Charles and Joan Thompson file a joint return. In 2019, they had taxable income of $90,160 and paid…

A: 2020 tax slab of married filing jointly is used to calculate the amount of the tax.

Q: Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a…

A: Given Information: As per the given case Phil and Linda are younger than age 50 so in that case they…

Q: Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax…

A: Taxpayer should pay higher tax amount between AMT and regular Tax. Total Income Tax under AMTI…

Q: Assume Edgar (age 45), a single taxpayer, has total itemized deductions of $19,252 for 2019, which…

A: Income tax:    It is the amount a person is liable to pay on the earned amount in an accounting…

Q: In 2020, Juan entered into a contract to write a book. The publisher advanced Juan $50,000, which…

A: Marginal tax Rate: It is the  additional tax payable  for every additional dollar earned as income.…

Q: Assuming Fred itemizes, how much state income tax deduction should he report on his 2019 federal…

A: Payroll:   The total payment that a company is required to pay to its employee for the services…

Q: n 2021, Lisa and Fred, a married couple, had taxable income of $305,200. If they were to file…

A: Taxable income: When one individual earns income from a country then he or she has to pay tax as per…

Q: Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted…

A: Taxable income: Taxable income refers to the gross income less any allowable deductions of a…

Q: In 2020, Mary Kelly drove her personal car 2,800 miles for business purposes. She also incurred $182…

A: Self-employed: Persons or individual who are not employed under a specific employer are known as…

Q: Juanita is a single and is self-employed. Juanita owed $1,300 in taxes on her 2019 return and…

A: Answer with explanation are as follows.

Q: This year, Paula and Simon (married filing jointly) estimate that their tax liability will be…

A: Not all underpaying taxpayers face a penalty payment, which may be waived under several scenarios,…

Q: Tim, a self-employed taxpayer, did not have all the information he needed to timely file his 2020…

A: Every citizen is liable to pay taxes on the income earned by him during a particular accounting or…

Q: Marlin and Teri are married and will file a joint return. They live in a state that does not impose…

A: Itemized deductions are the one which are deducted from the gross income of the tax payer so that…

Q: Brian and Kim have a 12-year-old child, Stan. For 2019, Brain and Kim have taxable income of…

A: Brian and Kim are minor kids their taxable income=$52000 Stan's Interest income=$4500

Q: Myrna and Geoffrey filed a joint tax return in 2019. Their AGI was $85,000, and itemized deductions…

A: The Tax benefit rule U/s 111 states if any deduction is claimed in prior year and subsequently it…

Q: Julie filed a valid extension for her 2020 tax return, giving her until October 15, 2021, to file…

A: Income tax is the tax paid by an individual or an entity on the income earned in a particular year…

Q: In 2020, Jasmine and Thomas, a married couple, had taxable income of $106,000. If they were to file…

A: If Jasmine and Thomas file joint return as a married couple: Joint Income = $106,000 Income Tax =…

Q: Juan’s marginal tax rate was 15% in 2019 and 35% in 2021. b. Juan’s marginal tax rate was 35% in…

A:

Q: Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax…

A: Compute the Jacklyn's total income tax for 2021:- Jacklyn's total income tax is $ 111,110…

Q: 58, reports taxable income of $510,000 in 2021. His AMT base is $625,000, and his regular tax…

A: AMT Adjustment Explanation Because some tax items are treated differently for AMT purposes, a…

Q: In December 2021, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on…

A: Given information, Tax on ordinary taxable income = $8,005 Long term capital gains above $80,800 =…