Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, need to use Form 1040 Schedule A for year 2019. Using the information above, prepare Schedule A for Romeo and Cindy. NOTE: to complete

Hi, need to use Form 1040 Schedule A for year 2019. Using the information above, prepare Schedule A for Romeo and Cindy. NOTE: to complete Schedule A, you will be required to complete other forms. Turn in all forms used to complete this deliverable.

Appendix A: Romeo and Cindy Colombo Information

For your first assignment in the Individual Taxation department, your new boss wants you to prepare Schedule A for Romeo and Cindy Colombo. For 20XX, 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

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_2

Step: 3

blur-text-image_3

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

The Future Of Auditing

Authors: David Hay

1st Edition

1138477087, 9781138477087

More Books

Students also viewed these Accounting questions

Question

Roll out international HRM practices for franchisees.

Answered: 1 week ago