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Assignment
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:
1. Calculate the itemized deductions and2. Prepare Form 1040 Schedule A for:i. James and Pamela Brock andii. William Brock.
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