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Lets run the clock forward several years. Suppose that in 2039, you have $5,000 withheld...

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Accounting

Lets run the clock forward several years. Suppose that in 2039, you have $5,000 withheld for state income taxes. In April of 2040, you fill out your state income tax form for 2039, and find that you owe an additional $300.

Suppose further that during 2040, you have $5,600 withheld for state income taxes. Then, in April of 2041, you fill out your state income tax form for 2040, and find that you owe an additional $450.

Now, still in April of 2041, you turn your attention to filling out your Federal Income Tax return for 2040. Assuming that you are itemizing, and are not impacted by any deduction limits, how much can you claim as an itemized deduction for state and local income taxes? (Answer to the dollar)

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