Tim is a single cash method taxpayer with one personal


Tim is a single, cash method taxpayer with one personal exemption. In April of this year Tim paid $860 with his state income tax return for the previous year. During the year, Tim had $4,500 of state income tax and $16,200 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,080 and $1,660 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $410 for state income taxes when he files his state tax return for this year in April next year. What is the amount of taxes that Tim can deduct as an itemized deduction?

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Financial Accounting: Tim is a single cash method taxpayer with one personal
Reference No:- TGS01254721

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