During 2014, Seth, a self-employed individual, paid the following taxes: What amount can Seth claim as an itemized deduction for taxes paid during 2014, assuming he elects to deduct state and local income taxes?

Question

Quizplus · Accepted Answer

Seth can elect to deduct state and local income taxes, which includes his state income tax of $2,400 and his local income tax of $1,800. Therefore, Seth can claim a total itemized deduction for taxes paid during 2014 of $4,200 ($2,400 + $1,800).

During 2014, Seth, a Self-Employed Individual, Paid the Following Taxes