Victoria's 2021 tax return was due on April 15, 2022. but she did not file it until June 12, 2022. Victoria did not file an extension. The tax due on the tax return when filed was $9,700. In 2021, Victoria paid in $15,600 through withholding. Her 2020 tax liability was $13,900. Victoria's AGI for 2021 is less than $150,000O. How much penalty will Victoria have to pay (disregard interest)? Penalty to be paid 970

Victoria's 2021 tax return was due on April 15, 2022. but she did not file it until June 12, 2022. Victoria did not file an extension. The tax due on the tax return when filed was $9,700. In 2021, Victoria paid in $15,600 through withholding. Her 2020 tax liability was $13,900. Victoria's AGI for 2021 is less than $150,000O. How much penalty will Victoria have to pay (disregard interest)? Penalty to be paid 970

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 27P: Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He...

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LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?
Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.
LO.2, 3, 4, 5, 6, 7 Linda, who files as a single taxpayer, had AGI of 280,000 for 2019. She incurred the following expenses and losses during the year: Calculate Lindas allowable itemized deductions for the year.
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