In 2018, Marvin, a cash basis taxpayer, took a $2,000 itemized deduction for state income taxes paid. This increased his itemized deductions to a total that was $800 more than the standard deduction. In 2018, Marvin received a $1,600 refund when he filed his 2018 state income tax return. Marvin was in the 12% marginal tax bracket in 2018, but was in the 35% marginal tax bracket in 2019. How much must Marvin include in his gross income for 2019?

Question

02-10-2019
Business

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In 2018, Marvin, a cash basis taxpayer, took a $2,000 itemized deduction for state income taxes paid. This increased his itemized deductions to a total that was $800 more than the standard deduction. In 2018, Marvin received a $1,600 refund when he filed his 2018 state income tax return. Marvin was in the 12% marginal tax bracket in 2018, but was in the 35% marginal tax bracket in 2019. How much must Marvin include in his gross income for 2019?

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Answer:

In 2016, 800 were not levied for tax as a result of asserting an itemized deduction, the amount should be included in the 2017 gross earnings and must be charged @ 35 percent.

Explanation:

In 2016, 800 were not levied for tax as a result of asserting an itemized deduction, the amount should be included in the 2017 gross earnings and must be charged @ 35 percent. (think to note that, In the following year, as if regained, only the distinction between itemized exemption and the standard exemption will be taxable)