Simon is single and a stockbroker for a large investment bank. During 2018, he has withheld from
Question:
Simon is single and a stockbroker for a large investment bank. During 2018, he has withheld from his paycheck $2,250 for state taxes and $400 for city taxes. In June 2019, Simon receives a state tax refund of $145. What is the proper tax treatment of the refund in 2019 if
a. Simon uses the standard deduction?
b. Simon has itemized deductions other than state and city income taxes of $10,150?
c. Simon has itemized deductions other than state and city income taxes of $9,450?
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a Because Simon uses the standard deduction 6350 in 2018 he does not have to include the income tax ...View the full answer
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Divya Munir
I hold M.Sc and M.Phil degrees in mathematics from CCS University, India and also have a MS degree in information management from Asian institute of technology, Bangkok, Thailand. I have worked at a international school in Bangkok as a IT teacher. Presently, I am working from home as a online Math/Statistics tutor. I have more than 10 years of online tutoring experience. My students have always excelled in their studies.
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Related Book For 
Concepts In Federal Taxation
ISBN: 9781337702621
26th Edition
Authors: Kevin E. Murphy, Mark Higgins
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