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

70.2K

Verified Solution

Question

Accounting

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students