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What is a refund of state and local income taxes (SALT)?
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?
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?
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?
What is the temporary SALT deduction cap for 2021 and 2022?
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