Simon is single and a stockbroker for a large investment bank. During 2020, he has withheld from
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Simon is single and a stockbroker for a large investment bank. During 2020, he has withheld from his paycheck $2,250 for state taxes and $400 for city taxes. In June 2021, Simon receives a state tax refund of $145. What is the proper tax treatment of the refund in 2021 if
a. Simon uses the standard deduction?
b. Simon has itemized deductions other than state and city income taxes of $10,350?
c. Simon has itemized deductions other than state and city income taxes of $9,850?
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a Because Simon uses the standard deduction 12400 in 2020 he does not have to include the income tax ...View the full answer
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Related Book For
Concepts In Federal Taxation 2021
ISBN: 9780357141212
28th Edition
Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg
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