4 Questions
What is a refund of state and local income taxes (SALT)?
A payment you receive from the state or local government if you paid more in state and local taxes than you were required to
What determines the amount of your SALT refund?
The amount of state and local taxes you paid
What form do you need to report your SALT refund on your federal income tax return?
Form 1040, Schedule 1, Line 8
What is the temporary SALT deduction cap for 2021 and 2022?
$80,000 for single filers and $15,000 for married couples filing jointly
Study Notes
"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!
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