Brock

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James and Pamela Brock and William Brock provide you with the following information related to expenditure they have made:

Type of Documentation

James & Pamela Brock

William Brock

Employer paid medical Insurance Premiums

$10,000

$1,200

Medical insurance premiums paid by taxpayer

$4,000

$8,000

Medical expenses related to eye surgery not covered by insurance

17,500

N/A

Reimbursements from medical insurance carrier

$5,200

N/A

Prescription drug costs

$1,800

$2,200

State income taxes withheld by employer

$6,750

$450

State income tax paid when filing tax return

$2,300

N/A

Real estate taxes on residence

$12,000

N/A

Real estate taxes on Westchester Woods property

$5,000

N/A

Property tax on automobile

$950

$375

Property tax on Westchester Wood’s delivery truck

$375

N/A

Sewer use charge

$295

N/A

Home mortgage interest

$14,400

N/A

Home equity interest (the loan amount is $75,000 and the difference between the FMV of the home and acquisition indebtedness is $55,000)

$3,000

N/A

Cash gifts (properly supported)

$1,800

$1,500

Contribution

Artwork, purchased for $8,000 and held for five years, donated to a qualified charity (the charity will display the artwork). The FMV of the artwork is $27,500

N/A

Contribution

N/A

Donated land to a qualified charity. The land was held for 22 years. The basis of the land is $4,200 and its FMV is $67,800

Contribution carryover from a prior year

$0

$14,000

Unreimbursed travel expenses (job related)

$700

$180

Safe deposit box

$55

N/A

Tax preparation (60% allocated to Westchester Wood)

$1000

$125

 

Required:

  1. Calculate the itemized deductions and
  2. Prepare Form 1040 Schedule A for:
    1. James and Pamela Brock and
    2. William Brock.

Show the calculations you made to determine the deductible itemized deductions for medical, interest, taxes, contributions and miscellaneous deductions. Indicate the amount of any contribution carry forward. Use the AGI for James and Pamela Brock and William Brock that was calculated in Week 5.

Internal Revenue Service’s website at http://www.IRS.gov and locate the current year’s Form 1040 Schedule A.

Save assignment (Part A) as a Microsoft Excel document. For Part B, save Form 1040 Schedule A accesses from the IRS website after completing

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