Determine all items that will be deducted before the AGIcalculation. In a MS Excel...

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Accounting

Determine all items that will be deducted before the AGIcalculation. In a MS Excel spreadsheet, list all deductible itemsin column A. In column B, determine where that deduction shouldappear on Form 1040 (for tax year 2017).
Taxpayer Information
           Name:   Bryan Jones
           Address:   1200 Main St.
                           Green Bay, Wisconsin 12345
           DOB:   5/6/1976
           Filing Status: Single
           SSN: 500-10-2000
           Occupation: Staff Accountant
INCOME INFORMATION:
Wages and Compensation
The following information is taken from Bryan Jone’s 2017 FormW-2 Wage and Tax Statement:

Box 1 – Wages, tips, and other compensation
52,000
Box 2 – Federal Withholding
8,750
Box 17 – State Income Tax Withholding
1,000
Interest and Dividends
Bryan has some Certificates of Deposits are Main Street bankwhich yielded 3,750 in interest in
           2017. In addition, Bryan has interest income from municipal bondsin the amount of 1,250.
Also, Bryan received $2100 in qualified dividends from PlumElectronic Co.
Profit/Loss from Business
Bryan has a part-time accounting services business. In 2017, hisincome and expenses are as f    follows:
                                               Service Revenue         7,000
                                               Office Expense                500
                                               Advertising                     750
Capital Gains
Bryan had the following stock transactions in 2017:
He sold 1,000 shares of Apex Co. for $12,000 on June 7, 2016, which he purchased on April 1, 2014 for25,000. In addition, he sold 750 shares of Velocity Inc. for$10,000 on September 1, 2016, which he purchased on December 1,2015 for $5,000.
Rental Real Estate
Bryan owns a rent house which he purchased on July 1, 2014. Theincome and expenses of the rental real estate unit for 2017 are asfollows:
Rentalincome                         $12,000
                       Propertytaxes                       $1,500
                       Depreciation                         $1,000
                       Repairs andMaintenance            $750
                       Insurance                                $2,000
Other Transactions in 2017
1. Bryan received a gift of $4,000from his brother.
2. Bryan paid $3,000 for the year inalimony to his ex-wife, per divorce decree.
3. Bryan had gambling winnings of$1,000.
4. Bryan was the beneficiary of hismother’s life insurance policy.
His mother died in 2017 and hereceived $50,000 under this policy.

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3.7 Ratings (553 Votes)

Below are deductions for AGI

Particulars	Amount	Comment	Form 1040
Office expense	500	Schedule C expense	Line 12
Advertising	750	Schedule C expense	Line 12
Basis of Apex co 1000 shares	25,000	Form 8949	Line 13
Basis of 750 shares of Velocity	5,000	Form 8949	Line 13
Rental real estate- Property taxes	1,500	Schedule E	Line 17
Rental real estate- Depreciation	1,000	Schedule E	Line 17
Rental real estate- Repairs	750	Schedule E	Line 17
Rental real estate- Insurance	2,000	Schedule E	Line 17
Alimony	3,000	Form 1040 for AGI deduction	Line 31a

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In: AccountingDetermine all items that will be deducted before the AGIcalculation. In a MS Excel spreadsheet,...Determine all items that will be deducted before the AGIcalculation. In a MS Excel spreadsheet, list all deductible itemsin column A. In column B, determine where that deduction shouldappear on Form 1040 (for tax year 2017).Taxpayer Information Name: Bryan Jones Address: 1200 Main St. Green Bay, Wisconsin 12345 DOB: 5/6/1976 Filing Status: Single SSN: 500-10-2000 Occupation: Staff AccountantINCOME INFORMATION:Wages and CompensationThe following information is taken from Bryan Jone’s 2017 FormW-2 Wage and Tax Statement: Box 1 – Wages, tips, and other compensation52,000Box 2 – Federal Withholding8,750Box 17 – State Income Tax Withholding1,000Interest and DividendsBryan has some Certificates of Deposits are Main Street bankwhich yielded 3,750 in interest in 2017. In addition, Bryan has interest income from municipal bondsin the amount of 1,250.Also, Bryan received $2100 in qualified dividends from PlumElectronic Co.Profit/Loss from BusinessBryan has a part-time accounting services business. In 2017, hisincome and expenses are as f follows: Service Revenue 7,000 Office Expense 500 Advertising 750Capital GainsBryan had the following stock transactions in 2017:He sold 1,000 shares of Apex Co. for $12,000 on June 7, 2016, which he purchased on April 1, 2014 for25,000. In addition, he sold 750 shares of Velocity Inc. for$10,000 on September 1, 2016, which he purchased on December 1,2015 for $5,000.Rental Real EstateBryan owns a rent house which he purchased on July 1, 2014. Theincome and expenses of the rental real estate unit for 2017 are asfollows:Rentalincome $12,000 Propertytaxes $1,500 Depreciation $1,000 Repairs andMaintenance $750 Insurance $2,000Other Transactions in 20171. Bryan received a gift of $4,000from his brother.2. Bryan paid $3,000 for the year inalimony to his ex-wife, per divorce decree.3. Bryan had gambling winnings of$1,000.4. Bryan was the beneficiary of hismother’s life insurance policy.His mother died in 2017 and hereceived $50,000 under this policy.

Box 1 – Wages, tips, and other compensation	52,000
Box 2 – Federal Withholding	8,750
Box 17 – State Income Tax Withholding	1,000