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James and Pamela Brock and William Brock provide you with the following information related to expenditure they have made:
Type of Documentation
James & Pamela Brock
William Brock
Employer paid medical Insurance Premiums
$10,000
$1,200
Medical insurance premiums paid by taxpayer
$4,000
$8,000
Medical expenses related to eye surgery not covered by insurance
17,500
N/A
Reimbursements from medical insurance carrier
$5,200
Prescription drug costs
$1,800
$2,200
State income taxes withheld by employer
$6,750
$450
State income tax paid when filing tax return
$2,300
Real estate taxes on residence
$12,000
Real estate taxes on Westchester Woods property
$5,000
Property tax on automobile
$950
$375
Property tax on Westchester Wood's delivery truck
Sewer use charge
$295
Home mortgage interest
$14,400
Home equity interest (the loan amount is $75,000 and the difference between the FMV of the home and acquisition indebtedness is $55,000)
$3,000
Cash gifts (properly supported)
$1,500
Contribution
Artwork, purchased for $8,000 and held for five years, donated to a qualified charity (the charity will display the artwork). The FMV of the artwork is $27,500
Donated land to a qualified charity. The land was held for 22 years. The basis of the land is $4,200 and its FMV is $67,800
Contribution carryover from a prior year
$0
$14,000
Unreimbursed travel expenses (job related)
$700
$180
Safe deposit box
$55
Tax preparation (60% allocated to Westchester Wood)
$1000
$125
Required:
Calculate the itemized deductions and
Prepare Form 1040 Schedule A for:
James and Pamela Brock and
William Brock.
Show the calculations you made to determine the deductible itemized deductions for medical, interest, taxes, contributions and miscellaneous deductions. Indicate the amount of any contribution carry forward. Use the AGI for James and Pamela Brock and William Brock that was calculated in Week 5.
Internal Revenue Service's website at https://www.IRS.gov and locate the current year's Form 1040 Schedule A.
Save assignment (Part A) as a Microsoft Excel document. For Part B, save Form 1040 Schedule A accesses from the IRS website after completing.
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