In 2020, Nadia has $106,000 of regular taxable income. She itemizes her deductions as follows: real property
Question:
In 2020, Nadia has $106,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,800, state income taxes of $2,300, and mortgage interest expense of $11,500 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $1,600 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $450 from the prior year.
Download the Tax Form and enter the required values in the appropriate fields.
Please right click on the attached Adobe document and select open in new window. Then, download the Tax Form and enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." Use 2020 tax rules regardless of year on tax form.
Essentials of Federal Taxation 2018
ISBN: 9781260007640
9th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver