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SALT Refund Quiz

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Questions and Answers

What is a refund of state and local income taxes (SALT)?

A payment you receive from the federal government if you paid more in state and local taxes than you were required to

A payment you receive from the state or local government if you paid more in state and local taxes than you were required to (correct)

A payment you receive from the state or local government if you paid less in state and local taxes than you were required to

A payment you receive from the federal government if you paid less in state and local taxes than you were required to

What determines the amount of your SALT refund?

The amount of your standard deduction

The amount of your adjusted gross income

The amount of federal taxes you paid

The amount of state and local taxes you paid (correct)

What form do you need to report your SALT refund on your federal income tax return?

Form 1040, Line 12

Form 1040, Schedule 1, Line 8 (correct)

Form 1040EZ, Line 5

Form 1040A, Line 21

What is the temporary SALT deduction cap for 2021 and 2022?

<p>$80,000 for single filers and $15,000 for married couples filing jointly</p> Signup and view all the answers

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Description

"Maximize Your Savings: SALT Refund Quiz" - Test your knowledge on state and local income tax refunds and learn how to maximize your savings. This quiz will cover the basics of SALT refunds, how to qualify for them, and strategies for maximizing your refund amount. Discover tips and tricks for reducing your tax burden and getting the most out of your deductions. Don't miss out on potential savings - take the SALT Refund Quiz now!