Here are some SALT-related facts regarding your 2019 tax year: You paid $9,000 in state income taxes
Fantastic news! We've Found the answer you've been seeking!
Question:
Here are some SALT-related facts regarding your 2019 tax year:
- You paid $9,000 in state income taxes by way of payroll withholding by your employer. Now (in 2020) that you’ve just filed your 2019 state return it turns out that you owed only $7,500; you’ll get a refund soon.
- The IRS sales tax deduction table [ Exhibit 8-3] says that your 2019 deduction for sales taxes is $4,000. However, you saved every receipt for everything you bought during 2019 and know that, not counting the new car you bought, your actual total of sales tax paid was $4,900.
- You bought a car during 2019 and paid another $4,000 in sales tax on that purchase.
On these facts, how much will you claim on line 5a of your Schedule A for 2019?
Related Book For
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus-Buller
Posted Date: