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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