Hi, need to use Form 1040 Schedule A for year 2019. Using the information above,...
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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 |
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