Solved: The taxpayer was in the 35 marginal tax bracket in 2016, Accounting Basics

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The taxpayer was in the 35 marginal tax bracket in 2016

Question - The taxpayer was in the 35% marginal tax bracket in 2016 and deducted $15,000 in state income taxes as an itemized deduction that year. In 2017, he filed his 2016 state income tax return and received a $5,000 refund of state income taxes paid in 2016. His marginal tax rate in 2017 was 15%. What was the taxpayer's Federal benefit from the overpayment of his 2016 state income tax?

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Accounting Basics: The taxpayer was in the 35 marginal tax bracket in 2016

Reference No:- TGS02715715

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Accounting Basics: The taxpayer was in the 35 marginal tax bracket in 2016

Reference No:- TGS02715715

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