Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

c. Daniel Saad (SSN 432-00-7809) and his wife Marion (ages 52 and 51, respectively) file a joint return. Their 2021 AGI is $167,900, consisting of

image text in transcribed
image text in transcribed
image text in transcribed
c. Daniel Saad (SSN 432-00-7809) and his wife Marion (ages 52 and 51, respectively) file a joint return. Their 2021 AGI is $167,900, consisting of wages of $164,200 and interest income of $3,700. The Saads put together the following list of expenses. Compute the Saads' total itemized deductions and prepare their Schedule A. Unreimbursed medical expenses $27,743 Jacuzzi for John's aching back (not prescribed) 2,500 Real estate taxes 4,400 Homeowners association assessment for street repairs 1,200 State and local income taxes withheld 4,800 Federal income tax 22,300 General sales tax 785 Mortgage interest 15,200 Credit card interest 945 Investment interest 5,000 Charitable contributions (cash) 6,400 Uninsured damage to auto from accident 3.300 wort Mare shown For 1043 1046-SA Medical and Dental Expenses Taxes You Pald GRAFT AS Ord AFTSE18-2021 DeNOTFILE Caution: Do not indude expenses reimbursed or paid by others 1 Medical and dental expenses naruction Enteront ron For 1040 1040-SR na 11 21 3 May Inn 2 by 7.5% 0.075) 3 4 Subtracties from the line 3 is more than inerter-D- 5 State and local taxas State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5e, but not both. If you eletto Include res instead of income taxes, check this box State and local realestate taxes (see Instructions 56 e State and local personal property taxes 5c dines 5a through 5c smaller of line 50 1000 married sing 6 Other taxes. List type and amount Interest You Paid Caution Your mortgages deduction may be Limited instructions 7 Add lines 5e and 6 8 Home mortgage interest and points. If you didn't use all of your home mortgage loans) to buy, build, or improve your home, see instructions and check this box a Home mortgage interest and points reported to you on Form 1098 See Instructions if limited Home mortgage interest not reported to you on Form 1098. See instructions it imited. I paid to the person from whom you bought the home, se instructions and show that person's name, identifying no.. and address Ba 10 8b Points not reported to you on Form 1098. See Instructions for special rules 8c d Mortgage Insurance premiums (see Instructional 8d e Add lines Ba through 8d Be 9 Investment interest. Attach Form 4952 It required. See Instructions 9 10 Add lines 8e and 9 Gifts to 11 Gifts by cash or check you made any gite of $250 or more, see Charity Instructions Caution: you 12 Other than by cash or check you made any gift of $250 or more, made 12 gota benettorit see instructions. You must attach Form 8283 over $500 sewa 13 Carryover from prior year 13 14 Add lines 11 through 13 Casualty and 15 Casualty and the losses from a federally declared disaster other than not qualified Theft Lossos disaster losses. Attach Form 4684 and enter the amount from line 13 of that form. See instructions Other 16 Other from list in instructions. List type and amount Itemized Deductions Total 17 Add the amounts in the far right column for Ines 4 through 16. Also, enter is amount on 14 15 15 PERS 000 married ling .Enter the smaller line 5310000 separat 6 Othertores. Lietlype and amount NO NUT TILE Interest You Paid Caution Your mortgage Internet deduction may be Imited Instructions Ba 7 Add lines 5e and 6 8 Home mortgage interest and points. If you didn't use all of your home mortgage loan(e) to buy, build, or improve your home, se Instructions and check this box O a Home mortgage interest and points reported to you on Form 1098. See Instructions If limited b Home mortgage interest not reported to you on Form 1098. See instructions it limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no.. and address Bb e Points not reported to you on Form 1098. See instructions for special rules 8c d Mortgage Insurance premiums (see instructions) Bd e Add lines 8a through Bd Be 9 Investment interest. Attach Form 4952 if required. See instructions 9 10 Add lines 8e and 9 10 Gifts to 11 Gifts by cash or check. If you made any gift of $250 or more, see Charity instructions 11 Caution. If you 12 Other than by cash or check. If you made any gift of $250 or more, made a gift and 12 see instructions. You must attach Form 8283 if over $500 gota benefit for it see instructions 13 Carryover from prior year 13 14 Add lines 11 through 13 14 Casualty and 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified Theft Losses disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions 15 Other 16 Other-from list in instructions. List type and amount Itemized Deductions Total 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on Itemized Form 1040 or 1040-SR, line 12a 17 Deductions 18 If you elect to itemize deductions even though they are less than your standard deduction, check this box For Paperwork Reduction Act Notice, see the instructions for Forms 1040 and 1040-SR. Cat No. 171450 Schedule A (Form 1040) 2021 16

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

AML Auditing Understanding Global Custody Services

Authors: Bob Walsh

1st Edition

1539534367, 978-1539534365

More Books

Students also viewed these Accounting questions