Tim is a single cash-method taxpayer with one personal


Tim is a single, cash-method taxpayer with one personal exemption and an AGI of $50,000. In April of this year, Tim paid $700 with his state income tax return for the previous year. During the year, Tim had $4,100 of state income tax and $15,000 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,000 and $1,500 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $370 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:- TGS01666746

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