Type of Documentation&nbsp James &amp Pamela Brock&nbsp William Brock

Type of Documentation  James & Pamela Brock  William BrockEmployer paid medical Insurance Premiums $10,000  $1,200Medical insurance premiums paid by taxpayer$4,000   $8,000Medical expenses related to eye surgery not covered by insurance17,500  N/AReimbursements from medical insurance carrier$5,200  N/APrescription drug costs$1,800   $2,200State income taxes withheld by employer$6,750  $450State income tax paid when filing tax return  $2,300   N/AReal estate taxes on residence$12,000  N/AReal estate taxes on Westchester Woods property$5,000  N/AProperty tax on automobile$950  $375Property tax on Westchester Wood’s delivery truck$375  N/ASewer use charge$295   N/AHome mortgage interest$14,400  N/AHome 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/ACash gifts (properly supported)$1,800   $1,500Contribution: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/AContributionN/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 $67,800Contribution carryover from a prior year$0  $14,000Unreimbursed travel expenses (job related)$700  $180Safe deposit box$55   N/ATax preparation (60% allocated to Westchester Wood)$1000  $125Required:Calculate the itemized deductions and Prepare Form 1040 Schedule A for:James and Pamela Brock andWilliam 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 in Week 5.www.IRS.gov and locate the current year’s Form 1040 Schedule A.prok.xlsx

Posted in Uncategorized