both Paul’s and Amy’s allowable deductions for the property tax.
Assume a 365 day year.
53. In 2009 Sherri, a single taxpayer, had $3,600 in state tax withheld
from her paycheck. She properly deducted that amount on her 2009
tax return as an itemized deduction that she qualified for, thus
reducing her tax liability. After filing her 2009 tax return, Sherri
discovered that she had overpaid her state tax by $316. She received
her refund in July 2010. What must Sherri do with the $ 316 refund?
Explain your answer.
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ACC 401 Week 2 Quiz (UOP)
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QUIZ 2
1) Henry graduated from university of Maryland in 2006, in 2009, to
take advantage of lower interest rates, he refinanced his qualified
education loans with another loan. He is not a dependent on another
person’s tax return. What is the maximum deduction available to him
for the $3,200 he paid for educational loan interest in 2009?
2) Which of the following interest expenses incurred by Amanda is
treated as personal interest expense and, therefore not deductible as an
itemized deduction?
3) Which of the following miscellaneous itemized deduction is not
subject to the 2% of adjusted gross income limitation?