Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tonya is a cash basis taxpayer. in 2023, she paid

Tonya is a cash basis taxpayer. In 2023, she paid state income taxes of $8,000...

50.1K

Verified Solution

Question

Accounting

Tonya is a cash basis taxpayer. In 2023, she paid state income taxes of $8,000 and property taxes of $5,500. In early 2024, she filed her 2023 state income tax return and received a $900 refund.
a. If Tonya itemized her deductions in 2023 on her Federal income tax return, the refund will not affect her 2024 tax return.
b. If Tonya itemized her deductions in 2023 on her Federal income tax return, she must amend her 2023 Federal income tax return and use the standard deduction.
c. If Tonya itemized her deductions in 2023 on her Federal income tax return and her itemized deductions exceeded the standard deduction by more than $900, she must recognize $900 income in 2024 under the tax benefit rule.
d. If Tonya itemized her deductions in 2023 on her Federal income tax return, she should amend her 2023 return and reduce her itemized deductions by $900.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

General Management
1.2K views

Federal regulators have threatened a series of stiff sanctions against Theranos, the embattled blood-testing company, including closing...

Biology
1.2K views

Match the phase of the cross bridge cycle with the state of the ATP/ADP+PCrossbridge formationPower...

Physics
1.2K views

Problem 10 Figure 1 133 shows three different patterns of electric field lines In each...

Basic Math
1.2K views

4 Martina deve svolgere un test costituito da 8 domande a risposta multipla A B...

Statistics
1.2K views

I AB 6 AD 3 x K ZAB The sides of the 4 BC 5...

Statistics
1.2K views

Does the average Presbyterian donate less than the average Catholic in church on Sundays The...

Accounting
1.2K views

En qu se diferencia el ajuste por depreciacin de otros ajustes diferidos? El ajuste...

Accounting
1.2K views

41)Sartain Corporation is in the process of preparing its annual budget. The following beginning and...

Accounting
1.2K views

The cash account for American Medical Co. at April 30 indicated a balance of $334,985....

Accounting
1.2K views

Question 5 4 pts On January 1, 2017, we purchased a truck for $55,000. The...

Accounting
1.2K views

I need assistance on how to find the correct answer to the depreciation for the...

Accounting
1.2K views

An inheritance will be worth $22,000. The interest rate is 6% per annum. How much...