Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Compare the 2017 and 2018 Schedule As. Note a subtle but important difference between the two forms as it relates to the taxes you paid

Compare the 2017 and 2018 Schedule A’s. Note a subtle but important difference between the two forms as it relates to the taxes you paid deduction.image text in transcribed image text in transcribed 

SCHEDULE A (Form 1040) Department of the Treasury Itemized Deductions Go to www.irs.gov/ScheduleA for instructions and the latest information. Attach to Form 1040. Internal Revenue Service (99) Caution: If you are claiming a net qualified disaster loss on Form 4684, see the instructions for line 28. Name(s) shown on Form 1040 OMB No. 1545-0074 2017 Attachment Sequence No. 07 Your social security number Medical Caution: Do not include expenses reimbursed or paid by others. and 1 Medical and dental expenses (see instructions) Dental Expenses Taxes You Paid Interest You Paid Note: Your mortgage interest 2 Enter amount from Form 1040, line 38 2 3 Multiply line 2 by 7.5% (0.075). 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0- 5 State and local (check only one box): a b Income taxes, or General sales taxes 6 Real estate taxes (see instructions) 7 Personal property taxes. 8 Other taxes. List type and amount 9 Add lines 5 through 8. 3 5 69 7 8 11 10 Home mortgage interest and points reported to you on Form 1098 Home mortgage interest not reported to you on Form 1098. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address 10 deduction may be limited (see instructions). 11 12 Points not reported to you on Form 1098. See instructions for special rules. 12 13 Reserved for future use 13 | 14 Investment interest. Attach Form 4952 if required. See instructions 15 Add lines 10 through 14 14 15 Gifts to Charity 16 Gifts by cash or check. If you made any gift of $250 or more, see instructions. 16 If you made a gift and got a benefit for it, 18 17 Other than by cash or check. If any gift of $250 or more, see instructions. You must attach Form 8283 if over $500. Carryover from prior year 17 18 see instructions. 19 Add lines 16 through 18. Casualty and 20 Casualty or theft loss(es) other than net qualified disaster losses. Attach Form 4684 and Theft Losses enter the amount from line 18 of that form. See instructions Job Expenses 21 Unreimbursed employee expenses-job travel, union dues, and Certain Miscellaneous Deductions job education, etc. Attach Form 2106 or 2106-EZ if required. See instructions. 21 22 22 Tax preparation fees 23 Other expenses-investment, safe deposit box, etc. List type and amount 24 Add lines 21 through 23. 2 23 24 19 20 25 Enter amount from Form 1040, line 38 25 26 Multiply line 25 by 2% (0.02) 26 27 Subtract line 26 from line 24. If line 26 is more than line 24, enter -0- 28 Other-from list in instructions. List type and amount 27 Other Miscellaneous Deductions Total Itemized Deductions 29 Is Form 1040, line 38, over $156,900? No. Your deduction is not limited. Add the amounts in the far right column for lines 4 through 28. Also, enter this amount on Form 1040, line 40. Yes. Your deduction may be limited. See the Itemized Deductions Worksheet in the instructions to figure the amount to enter. 28 . 29

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To compare the 2017 and 2018 Schedule As and note the subtle but important difference as it relates to the taxes you paid deduction follow these steps ... 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

Financial Accounting Information for Decisions

Authors: John J. Wild

8th edition

125953300X, 978-1259533006

More Books

Students explore these related Accounting questions