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Tax Memo Project
Robert and Jean, a married couple intend to file a join 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
* These amounts are net of insurance reimbursements received during 2016.
** This mortgage was created at the time the home was purchased.
*** This investment interest expense is related to the production of $1,500 of net investment income.
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.
Show in details the calculation in excel. Explain each line if it's qualified for the itemized deductions. 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.
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