Question
Hi, how do i fill form 1040 for year 2019 with the given information. Appendix A: Romeo and Cindy Colombo Information For your first assignment
Hi, how do i fill form 1040 for year 2019 with the given information.
Appendix A: Romeo and Cindy Colombo Information
For your first assignment in the Individual Taxation department, your new boss wants you to prepare Form 1040 for Romeo and Cindy Colombo. For 2019, they had the following items or occurrences related to itemized or potential itemized deductions. All amounts are totals for the year.
Facts:
Taxpayer: | Romeo & Cindy Colombo 1400 Ranchos Blvd San Jose, CA 92111 |
Social Security Number | Romeo: 555-12-4480 |
Social Security Number | Cindy: 123-78-5143 |
Filing status | Married, joint |
Adjusted Gross Income (for both) | $150,000 |
Mortgage interest on primary residence | $6,000 |
Mortgage amount | $220,000 |
Property taxes, primary residence | $8,255 |
Mortgage interest on vacation home | $10,560 |
Mortgage amount | $160,000 |
Property tax on vacation home | $3,500 |
Doctor bills paid out of pocket, not covered by insurance | $3150 |
Prescription drugs paid out of pocket | $1125 |
Health insurance premiums paid through employers and deducted from their gross income each week | $2,400 |
Over the counter medicines to treat Romeo's skin condition | $300 |
State income taxes withheld from paychecks | $1,800 |
State income taxes paid with their state return last year | $400 |
Total loss of car, not covered with comprehensive insurance so no insurance proceeds received. The loss took place in a federally declared disaster area. Paid $9,000 for the used car. At date of total loss, value was: | $4,800 |
Wallet stolen at beach, containing | $100 |
Tax return preparation fees paid | $1,000 |
Investment counselor fees paid | $400 |
Cash gifts to church | $2,400 |
Donations of old clothing to Goodwill and Salvation Army, all donated August 31st, miscellaneous items listed by Cindy as being worth | $350 |
Donation of appreciated Sherwin-Williams Company stock to the Church. Cindy had paid $1,500 for the stock three years ago, and its value at date of gift (October 1): | $3,200 |
Various donations during the holiday season to needy individuals who use the church's soup kitchen | $200 |
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