Question
I NEED HELP WITH SCHEDULE A ( GIFTS TO CHARITY PORTION). If you need any extra info PLEASE COMMENT and I will respond quickly! Comprehensive
I NEED HELP WITH SCHEDULE A ( GIFTS TO CHARITY PORTION). If you need any extra info PLEASE COMMENT and I will respond quickly!
Comprehensive Problem 5-1
John Williams (birthdate August 2, 1976) is a single taxpayer. John's earnings and withholdings as the manager of a local casino for 2019 are reported on his Form W-2 (see separate tab).
John received Form 1098 from the Reno Bank & Trust (see separate tab).
John's other income includes interest on a savings account at Nevada National Bank of $13,691.
John pays his ex-wife, Sarah McLoughlin, $3,900 per month in accordance with their February 12, 2013 divorce decree. When their 12-year-old child (in the ex-wife's custody) reaches the age of 18, the payments are reduced to $2,800 per month. His ex-wife's Social Security number is 554-44-5555.
In 2019, John purchased a new car and so he kept track of his sales tax receipts during the year. His actual sales tax paid is $3,700, which exceeds the estimated amount per the IRS tables.
John participates in a high-deductible health plan and is eligible to contribute to a health savings account. His HSA earned $75 in 2019.
During the year, John paid the following amounts (all of which can be substantiated):
I have tried all additions and subtractions and I'm super stuck! This is for the year 2019. Please help!
Credit card interest $1,760 Auto loan interest 4,300 Auto insurance 900 Contribution to IRA 6,000 Property taxes on personal residence 2,700 Contributions to HSA 2,850 Income tax preparation fee 900 Charitable contributions (all cash): Boy Scouts 1,350 St. Matthews Church 3,100 University of Nevada (Reno) Medical School 27,000 Nevada Democratic Party 250 100 Fund-raising dinner for the Reno Auto Museum (value of dinner is $25) be limited (see instructions) instructions and show that person's name, Identifying no., and address 8b 8d .... 8e 10 19,003 see instructions. 11 c Points not reported to you on Form 1098. See instructions for special rules 8C d Reserved e Add lines 8a through 8c 19,003 9 Investment interest. Attach Form 4952 if required. See instructions. 9 10 Add lines 8e and 9 Gifts to 11 Gifts by cash or check. If you made any gift of $250 or more, Charity 4,775 X Caution: If you 12 Other than by cash or check. If you made any gift of $250 or more, made a gift and see instructions. You must attach Form 8283 if over $500. got a benefit for 13 Carryover from prior year it, see instructions 14 Add lines 11 through 13 Casualty and 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster Theft Losses losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions Other 16 Other-from list in instructions. List type and amount Itemized Deductions 12 13 14 15 16Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started