90.2K

Verified Solution

Link Copied!

Need Schedule A filled out. Need notes and calculations shown as well.

Based on 2016 guidelines

Show all calculations within the cells of the template. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well; no hard coding of solutions. Submit a single MS Excel file for grading Taxpayer Information Name: John Washington Address: 3450 Green St. Miami, FL 54321 DOB: 5/5/1960 Filing Status: Married SSN: 434-20-2020 Occupation: Engineer Name: Debra Washington Address: 3450 Green St. Miami, FL 54321 DOB: 7/7/1962 Filing Status: Married SSN: 411-21-4568 Occupation: Teacher INCOME INFORMATION Wages and Compensation The following information is taken fromohn Washington's 2017 Form W-2 Wage and Tax Statement Box 1 - Wages, tips, and other80,000 Box 2 Federal Withholding 12,500 Box 17 State Income Tax Withholding 2,000 The following information is taken from Debra Washington's 2017 Form W-2 Wage and Tax Statement: Box 1 - Wages tins and othorapoog Box 1-Wages, tips, and other80,000 compensation Box 2-Federal Withholding Box 17-State Income Tax Withholding 12,500 2,000 The following information is taken from Debra Washington's 2017 Form W-2 Wage and Tax Statement Box 1 - Wages, tips, and other 42,000 compensation Box 2-Federal Withholdin Box 17-State Income Tax Withholding 3,500 750 Interest and Dividends John had interest income from a savings account from Everest Bank of $500.00 Debra had dividend income of $550 from Blue Co. stock Capital Gains John had the following stock transactions in 2017: He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2017, which he purchased on April 1, 2017 for 25,000 Rental Real Estate The couple owns a rent house which he purchased on July 1, 2014. The income and expenses of the rental real estate unit are as follows: $12,000 $1,500 $1,000 $750 $2,000 Rental income Property taxes Depreciation Repairs and Maintenance Insurance Other Transactions in 2017 1. Debra had educator expenses in 2017 of $450.00 2. John had gambling winnings of $1,000. 3. John was the beneficiary of his mother's life insurance policy. His mother died in 2017 and he received $50,000 under this policy 4. Debra paid $700 in student loan interest. CHEDULE MN A Form 1040) OMB No. 1545-0074 2016 Sequence No 07 Itemized Deductions Internal Revenue servce |Intormation about schedule A and its separate instructions is at www.rs.govschedulea Attachment Attach to Form 1040. ame(s) shown on Form1040 Your social security number Caution. Do not include expenses reimbursed or paid by others 1 Medical and dental expenses (see instructions) 2 Enter amount from Form 1040, line 3 Mumpy line 2 by 10% ( 10) But if either you or your spouse was edical and Dental Expenses born before January 2, 1949, mutply ine 2 by 7 5% ( 075) instead 4 Subtract line 3 from line 1. if line 3 is more than line 1, enter o- 5 State and local (check only one box) Taxes You Paid Income tax or a b General sales tax 6 Real estate taxes (see instructions) 7 Personal Property taxes 8 Other taxes. List type and amount> 9 Add lines 5 through 8 10 Home mortgage interest and points reported to you on Form 1098 11 Home mortgage interest not reported to you on Form 1098. it paid Interes t You to the person from whom you bought the home, see instructions and show that person's name, identyng no , and address Paid Note. Your mortgage nterest deductiorn 12 Points not reported to you on Form 1098. See instructions for special rules 13 Mortgage insurance premums (see instructons) Harh Fom 4952 if recuired (See instructions) Paid 6 Real estate taxes (see instructions) 7 Personal Property taxes 8 Other taxes. List type and amount 9 Add lines 5 through 8 10 Home mortgage interest and points reported to you on Form 1098 11 Home mortgage interest not reported to you on Form 1098, it paid Interes t You to the person from whom you bought the home, see instructions Paid Note. Your mortgage interest deduction and show that person's name, identiflying no, and address L 12 Points not reported to you on Form 1098. See instructions for special rules 13 Mortgage insurance premiums (see instructions) 14 investment interest Aftach Form 4952 if required (See instructions) 15 Add lines 10 through 14 16 Gifts by cash or check. if you made any git of $250 or more. may be 2 umited (see 3 instructions 4 Gifts to 5 Charity 36 if you made a 15 see instructions 17 Other than by cash or check. if any git or $250 or more. see 17 18 instructions. You must atach Form 8283 if over $500 18 Carryover from prior year 19 Add lines 16 through 18 20 Casualty or theft loss(es). Altach Form 4684 (See instructions.) 7 gift and got a 38 ibenetits tor 39 see instructions 40 Casualty 41 Job Expenses 42 and Certain 43 Miscellaneous 44 Deductions 45 46 47 48 49 19 20 21 Unreimbursed employee expenses-job trave, union dues 21 ob education, etc. Atach Form 2106 or 2106-EZ if required (see instructions) 22 Tax preparation fees 23 Other expenses-investment, safe deposit box, etc List type 23 24 and amount L 24 Ada ines 21 through 23 25 Enter amount from Form 1040, line 38 25 2 X Cut Normal 2 Normal General Copy Condtional Fomat as Calcul FormattingTable ExplanatoryFollows Check Cell DentalExpenses MNI C D 15 Add lines 10 through 14 16 Gifts by cash or check if you made any gift of $250 or more, instructions 1 Gifts to 5 Charity 6 f you madea 7 gift and got a 8 benefts for it 9 see instructions 10 Casualty 11 Job Expenses 42 and Certain 3 Miscellaneous 44 Deductions see instructions 17 otner than by cash or check. If any gift of $250 or more, see 17 18 nstructions You must attach Form 8283 if over $500 18 Carryover from prior year 19 Add ines 16 through 18 20 Casuality or thet lossies) Attach Form 4684. (See instructions ) 19 20 21 21 Unreimbursed employee expenses-4oo travel, union dues, ob education, elc Attach Form 2106 or 2106-E2 it required (see instructions) 22 Tax preparation fees 23 Other expenses nvestment, safe depost box ek. Lst ype 47 and amount LF Add lines 21 through 23 25 Enter anount om Fom 1040 ine 36 26 26Mumpey ine 25 by 2% ( 02) 27 Subtract line 26 trom ane 24 ine 26 s more than ine 24 enter 28 Other-rom st in instuctions Lst hoe and amount 49 5o 26 52 53 Other Miscellane 55 ous 6 Total 57 Itemized 58 Deductions 29 1s Form 1040, ine 38, over $150,0007 No Your deducto, rot inted Add the amourits in the tar nght conan for lines 4 through 28 Also, enter this amount on Form 1040, ine 40 Yes You deducton may be inted See tre hermed Deductions Worksheet in the instructions to tgure the amount to enter f you elect to temize deductices even though tey are less than your standard deduction, check hero 29 60 61 30 i ScheduleA(Form,10401 2016- Cat. No. 171450 63 For Paperwork Reduction Act Notice, see Form 1040 instructions

Answer & Explanation Solved by verified expert

See Answer