Taxation/Schedule A
No plagiarism will be accepted!! Paper requires APA 6th ed. format (title page, abstract page, in-text citations and reference page).
Delivery length is 2 body pages (meaning 5 total pages) plus a completed Schedule A
ASSIGNMENT
A staff tax accountant has come to you for advice. She has begun a tax return and does not know what to do with the expenses that the client has submitted as itemized deductions. She is unsure which expenses are allowable and should be included on her Schedule A. Review the expenses submitted by the client below. (Note: The client's AGI is $45,000.)
Client submitted expenses:
Personal property taxes | $ 500 |
Reimbursed health insurance premiums | $ 1,500 |
Charitable contributions (cash only) | $ 200 |
Prescriptions | $ 150 |
Mortgage interest | $ 3,850 |
Contact lenses | $ 200 |
State income taxes withheld | $ 1,675 |
Unreimbursed medical expenses | $ 875 |
Services provided to a qualified nonprofit | $ 1,000 |
Real estate taxes | $ 850 |
Using the client submitted expenses above, complete the following:
- List the allowable expenses.
- Assist your staff with the completion of the Schedule A tax form for the most recent tax year.
- For each expense not allowed, please explain why it is disallowed.
- Go to http://www.irs.gov/app/picklist/list/formsInstructions.html
- In the Find box, type 1040 (in product number) and click "Find"
- Scroll down to Form 1040 (Schedule A&B), titled Itemized Deductions and Interest & Ordinary Dividends
- Complete Schedule A only. You do not have to complete Schedule B.
11 years ago 20
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