Dylan is a self-employed, calendar year taxpayer. He reports on the cash basis.

Question

Dylan is a self-employed, calendar year taxpayer. He reports on the cash basis. Dylan made the following estimated state income tax payments:
Date Amount
January 18, 2011 $1800 (4th payment for 2010)
April 15, 2011 $2250 (1st payment for 2011)
June 15, 2011 $2250 (2nd payment for 2011)
September 15, 2011 $2250 (3rd payment for 2011)
January 17, 2012 $2250 (4th payments for 2011)
Dylan had a tax overpayment of $1200 on his 2010 state income tax return and, rather than requesting a refund, had the overpayment applied to his 2011 state income taxes. What is the amount of Dylan

Explanation / Answer

included overpayment, jan 2011, april 2011, june 15, 2011, sept 15 2011, sept 2011. not included Jan 2012. therefore the amount of Dylan’s state income tax itemized deduction for his 2011 Federal income tax return will be = 1800+2250+2250+2250+1200 = $9750

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