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Type of Documentation James & Pamela Brock William Brock Employer paid medical Insurance Premiums $10,000 $1,200 Medical insurance premiums paid by taxpayer $4,000 $8,000 Medical
Type of Documentation James & Pamela Brock William Brock Employer paid medical Insurance Premiums $10,000 $1,200 Medical insurance premiums paid by taxpayer $4,000 $8,000 Medical expenses related to eye surgery not covered by insurance 17,500 N/A Reimbursements from medical insurance carrier $5,200 N/A Prescription drug costs $1,800 $2,200 State income taxes withheld by employer $6,750 $450 State income tax paid when filing tax return $2,300 N/A Real estate taxes on residence $12,000 N/A Real estate taxes on Westchester Woods property $5,000 N/A Property tax on automobile $950 $375 Property tax on Westchester Wood's delivery truck $375 N/A Sewer use charge $295 N/A Home mortgage interest $14,400 N/A Home equity interest (the loan amount is $75,000 and the difference between the FMV of the home and acquisition indebtedness is $55,000) $3,000 N/A Cash gifts (properly supported) $1,800 $1,500 Contribution Artwork, purchased for $8,000 and held for five years, donated to a qualified charity (the charity will display the artwork). The FMV of the artwork is $27,500 N/A Contribution N/A Donated land to a qualified charity. The land was held for 22 years. The basis of the land is $4,200 and its FMV is $67,800 Contribution carryover from a prior year $0 $14,000 Unreimbursed travel expenses (job related) $700 $180 Safe deposit box $55 N/A Tax preparation (60% allocated to Westchester Wood) $1000 $125 Required: A.Calculate the itemized deductions and B.Prepare Form 1040 Schedule A for: 1.James and Pamela Brock and 2.William Brock. Show the calculations you made to determine the deductible itemized deductions for medical, interest, taxes, contributions and miscellaneous deductions. Indicate the amount of any contribution carry forward. Use the AGI for James and Pamela Brock and William Brock that was calculated in Week 5. Internal Revenue Service's website at http://www.IRS.gov and locate the current year's Form 1040 Schedule A
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