Question

In: Accounting

John Smith is a single taxpayer with an AGI of 162,000. Complete Mr. Smith’s Schedule A...

John Smith is a single taxpayer with an AGI of 162,000. Complete Mr. Smith’s Schedule A given the following deductions:
1. Medical and dental expenses = 2,400
2. Real estate taxes from rental properties = 1,680
3. State income taxes withheld on W-2 = 6,700
4. Real estate taxes from personal residence = 3,550
5. Mortgage interest = 15,800
6. Investment interest = 130
7. Cash charitable contributions = 1,770
8. Noncash charitable contributions = 10,760
9. Unreimbursed employee expenses = 3,759
10. Tax preparation fees = 250
11. Subscriptions for business publications = 410
12. General sales tax = 2,500

Requirements

Clearly identify the requirements being addressed. Complete all applicable fields on the Schedule A Itemized Deductions. Submit a single pdf file for grading.

Solutions

Expert Solution

Real estate taxes on rental properties are not itemized deductions, they are allowed on schedule E. General sales tax is not taken as deduction instead state income taxes are deducted.

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

John Smith is a single taxpayer with an AGI of 162,000. Complete Mr. Smith’s Schedule A...
John Smith is a single taxpayer with an AGI of 162,000. Complete Mr. Smith’s Schedule A given the following deduction on a Schedule A Form 1040 2018. 1. Medical and dental expenses = 2,400 2. Real estate taxes from rental properties = 1,680 3. State income taxes withheld on W-2 = 6,700 4. Real estate taxes from personal residence = 3,550 5. Mortgage interest = 15,800 6. Investment interest = 130 7. Cash charitable contributions = 1,770 8. Noncash charitable...
Tim is a single, cash-method taxpayer with an AGI of $50,000. InApril of this year,...
Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $900 with his state income tax return for the previous year. During the year, Tim had $4,600 of state income tax and $16,500 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,100 and $1,700 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $420 for state income taxes when...
Demeter is a single taxpayer. Her AGI in 2020 is $209,200. Demeter may claim a child...
Demeter is a single taxpayer. Her AGI in 2020 is $209,200. Demeter may claim a child tax credit for her daughter Persephone. What amount of child tax credit is Demeter entitled to claim after any applicable phase-out? Show Work
Veronica filed as a single taxpayer in 2019. Her AGI was $249,000, and itemized deductions were...
Veronica filed as a single taxpayer in 2019. Her AGI was $249,000, and itemized deductions were $45,600. Her local property taxes were $15,600 and her state income taxes were $20,000. In 2020, Veronica received a $3,000 refund of the state income taxes she paid in 2019. The standard deduction for single filers in 2019 was $12,200. Apply the tax benefit rule to determine the amount of the state income tax refund included in gross income in 2020.
A single taxpayer with modified AGI of $150,000, which includes $110,000 of salary, $25,000 of interest...
A single taxpayer with modified AGI of $150,000, which includes $110,000 of salary, $25,000 of interest income, $10,000 of dividends, and $5,000 of long-term capital gains. What is her net investment income tax liability this year, rounded to the nearest whole dollar amount?
Pedro, who is a single taxpayer, had AGI of $347,200 for 2016. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $347,200 for 2016. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $20,540 State and local income taxes $10,416 Real estate taxes $2,083 Home mortgage interest $17,360 Charitable contributions $4,166 Deductible investment interest expense $1,562 Compute the amount of Pedro's itemized deductions after any applicable reductions. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations.
Pedro, who is a single taxpayer, had AGI of $328,000 for 2018. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $328,000 for 2018. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $12,000 State and local income taxes 8,900 Real estate taxes 1,600 Home mortgage interest 16,000 Charitable contributions 2,200 Deductible investment interest expense 1,700 Compute the amount of Pedro’s itemized deductions after any applicable reductions.
Becky, 25 years old, is a single taxpayer who uses the standard deduction. Her AGI is...
Becky, 25 years old, is a single taxpayer who uses the standard deduction. Her AGI is $61,000. After she finished her accounting degree at Minnesota, she decided to enroll in a local community college to take one class in art history as a part time student. The cost of the course was $1500.   Compute the amount of education tax credits available to her in 2020 and specify the name of the tax credit that she is eligible for.
Mr. John Smith is admitted to the hospital for surgical incision and drainage (I&D) of an...
Mr. John Smith is admitted to the hospital for surgical incision and drainage (I&D) of an abscess on his right calf, which resulted from a farm machinery accident. The right calf has an area 3 cm × 2.5 cm, which is red, warm and hard to touch, and edematous. (Learning Objective 5) Explain the wound healing process according to the phase of Mr. Smith’s wound? The surgeon orders for wet-to-dry sterile saline dressing twice a day with iodoform gauze to...
Read the information below and then complete the 2018 Schedule A. John and Julia are married...
Read the information below and then complete the 2018 Schedule A. John and Julia are married and have two children. John works as a graphic designer for a design firm and Julia is a massage therapist. They own a vacation home in Colorado that is used 30% for personal purposes (assume it is used 70% as a rental property and the income and expenses related to the rental have been accounted). During the year they receive $600 in reimbursements from...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT