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John and Mary Snyder, a married couple intend to file a joint tax return for the tax year 2016. They had also filed a join return in 2015. They will have AGI of $ 30,000.
Their expenses for 2016 are as
Prescription drugs.........................................................................
$ 300*
Medical insurance premiums...........................................................
900
Doctor and dental bills paid ..........................................................
1,400*
Eyeglasses for Robert ...................................................................
155
Hospital and clinic bills paid ..........................................................
450*
Property taxes paid on home .........................................................
State income taxes paid:
Remaining 2015 tax liability.....................................................
125
Withheld from wages during year .............................................
1,850
State and local sales taxes paid:
Amount paid on new automobile ..............................................
800
Amount paid on new wide screen television ..............................
280
Personal property taxes paid..........................................................
100
Interest on home mortgage*" .......................................................
4,750
Interest paid on personal auto loan.................................................
1,100
Interest paid on credit card purchases.............................................
400
Interest paid on E.F. Hutton margin account*** ..............................
120
Cash contributions to church .........................................................
2,000
Fair market value of Hightech Corp. stock contributed to church (purchased for $1,000 three years ago)........................................
5,000
Labor union dues paid by Robert ...................................................
200
Qualifying education costs paid by Jean...........................................
300
Safe deposit box rental (for stocks and bonds) ................................
50
Fee paid accountant for preparation of 2016 state and
Federal tax returns .....................................................................
350
The Snyders drove their personal automobile 500 miles for medical and dental treatment and an additional 1,000 miles in connection with charitable services performed For their church. Assuming Robert and Jean are both under age 40, lived in Virginia For the entire year, and plan to file a joint income tax return, determine their total itemized deductions.
Verified Expert
The solution is regarding calculation of Itemized Deduction for John and Mary Synder for the year 2016. The medical expenses are deductible in excess of 10% of AGI. The un-reimbursed expenses are deductible in excess of 2% of AGI. The miles driven for Medical and Charitable deductions are deductible at the rate of 19 cents and 14 cents respectively per mile driven.
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