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11-40 Calculating Itemized Deductions. Robert and Jean Snyder have an adjusted gross income of $30,000 for 2017. Their expenses for 2017 are S 300* 900
11-40 Calculating Itemized Deductions. Robert and Jean Snyder have an adjusted gross income of $30,000 for 2017. Their expenses for 2017 are S 300* 900 1,400* 185 450* 900 Hospital and clinic bills paid . . . . . . . . .. . . . . . . . . . . . . . . . . . . Property taxes paid on home .. . . . . . . . . . .. . . . . . . . State income taxes paid .. 125 1,850 lability. . . State and local sales taxes paid: 800 280 100 4,750 1,100 400 120 2,000 Amount paid on new automobile . .. . . . . . . . . . . . . . . . . . . . . . . . . . Amount paid on new wide screen television . . . .. . . . . . . .. Interest paid on personal auto loan....... . .. .. . . . .. .. .. Interest paid on credit card purchases.. . . . . . . . . . . . . . .. .. . . .. .. .. Interest paid on E.F. Hutton margin account** . . . .. .. . .. Fair market value of Hightech Corp. stock contributed to church Labor union dues paid by Robert... . . . . . .. .. . . . . . . . . . . . Qualifying education costs paid by Jean . . . . . . . . . . . . . . . . .. . . . . . . . .. Safe deposit box rental (for stocks and bonds) .. .. .. . . . . . . . .. .. .. .. Fee paid accountant for preparation of 2017 state and 5,000 200 300 50 350 These amounts are net of insurance reimbursements received during 2017. 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 treat- ment 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. If a tax form is used for the computations, complete Schedule A (Form 1040)
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