Calculate the itemized deductions

Assignment Help Financial Accounting

Reference no: EM131180811

Required:
1. Calculate the itemized deductions and

2. Prepare Form 1040 Schedule A for:

1. James and Pamela Brock and

2. 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.

Internal Revenue Service's website at https://www.IRS.gov and locate the current year's Form 1040 Schedule A Save your assignment (Part A) as a Microsoft Excel document (Mac users, please remember to append the ".xlsx" extension to the filename). For Part B, save Form 1040 Schedule A accesses from the IRS website after completing.

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	N/A
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	N/A
Real estate taxes on residence	$12,000	N/A
Real estate taxes on Westchester Woods property	$5,000	N/A
Property tax on automobile	$950	$375
Property tax on Westchester Wood's delivery truck	$375	N/A
Sewer use charge	$295	N/A
Home mortgage interest	$14,400	N/A
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	N/A
Cash gifts (properly supported)	$1,800	$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	N/A
Contribution	N/A	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	N/A
Tax preparation (60% allocated to Westchester Wood)	$1000	$125

Attachment:- williamBrock.pdf

Attachment:- James-Pamela-Brock.pdf

Reference no: EM131180811

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