11-43 Calculating Itemized Deductions. Robert and Jean Snyder have an adjusted gross $for for 2020 are 52.300 5.900 3.000 1.200 1.450 5.500 125 4,000 Prescription drugs Medical insurance premiums Doctor and dental bills paid. Eyeglasses (regular and sunglasses) for Robert Hospital and clinic bills paid Property taxes paid on home State income taxes paid: Remaining 2018 tax liability. Withheld from wages during year State and local sales taxes paid: Amount paid on new automobile. Amount paid on new wide screen television Personal property taxes paid Interest on home mortgage** Interest paid on personal auto loan. Interest paid on credit card purchases Interest paid on E.F. Hutton margin account*** Cash contributions to church. 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 (tuition for MBA) paid by Jean. 8,000 Safe deposit box rental (for stocks and bonds).. 50 Fee paid accountant for preparation of 2019 state and Federal tax returns 350 These amounts are net of insurance reimbursements received during 2020. 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 per- formed 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). 800 280 100 4,750 1,100 400 120 2.000 11-43 Calculating Itemized Deductions. Robert and Jean Snyder have an adjusted gross $for for 2020 are 52.300 5.900 3.000 1.200 1.450 5.500 125 4,000 Prescription drugs Medical insurance premiums Doctor and dental bills paid. Eyeglasses (regular and sunglasses) for Robert Hospital and clinic bills paid Property taxes paid on home State income taxes paid: Remaining 2018 tax liability. Withheld from wages during year State and local sales taxes paid: Amount paid on new automobile. Amount paid on new wide screen television Personal property taxes paid Interest on home mortgage** Interest paid on personal auto loan. Interest paid on credit card purchases Interest paid on E.F. Hutton margin account*** Cash contributions to church. 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 (tuition for MBA) paid by Jean. 8,000 Safe deposit box rental (for stocks and bonds).. 50 Fee paid accountant for preparation of 2019 state and Federal tax returns 350 These amounts are net of insurance reimbursements received during 2020. 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 per- formed 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). 800 280 100 4,750 1,100 400 120 2.000
