Question

Complete Form 1040-Schedule A for Bryan Jones year 2016.

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.

Taxpayer Information:

            Name:   Bryan Jones

            Address:   1200 Main St.

                            Green Bay, Wisconsin 12345

            DOB:   5/6/1976

            Filing Status: Single

            SSN: 500-10-2000

            Occupation: Staff Accountant

INCOME INFORMATION:

            Wages and Compensation

The following information is taken from Bryan Jone’s 2017 Form W-2 Wage and Tax Statement:

Box 1 – Wages, tips, and other compensation

52,000

Box 2 – Federal Withholding

8,750

Box 17 – State Income Tax Withholding

1,000

            Interest and Dividends

            Bryan has some Certificates of Deposits are Main Street bank which yielded 3,750 in interest in

            2017. In addition, Bryan has interest income from municipal bonds in the amount of 1,250.

Also, Bryan received $2100 in qualified dividends from Plum Electronic Co.

Profit/Loss from Business

            Bryan has a part-time accounting services business. In 2017, his income and expenses are as f    follows:

                                                Service Revenue          7,000

                                                Office Expense                  500

                                                Advertising                       750

            Capital Gains

            Bryan had the following stock transactions in 2017:

He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2016, which he purchased on April 1, 2014 for 25,000. In addition, he sold 750 shares of Velocity Inc. for $10,000 on September 1, 2016, which he purchased on December 1, 2015 for $5,000.

            Rental Real Estate

Bryan owns a rent house which he purchased on July 1, 2014. The income and expenses of the rental real estate unit for 2017 are as follows:

                        Rental income                          $12,000

                        Property taxes                         $1,500

                        Depreciation                          $1,000

                        Repairs and Maintenance             $750

                        Insurance                                 $2,000

Other Transactions in 2017

1. Bryan received a gift of $4,000 from his brother.

2. Bryan paid $3,000 for the year in alimony to his ex-wife, per divorce decree.

3. Bryan had gambling winnings of $1,000.

4. Bryan was the beneficiary of his mother’s life insurance policy.

His mother died in 2017 and he received $50,000 under this policy.

2016 Form 1040 Schedule A template:

Itemized Deductions
▶ Information about Schedule A and its separate instructions is at www.irs.gov/schedulea
▶ Attach to Form 1040.
    Your social security number
Caution. Do not include expenses reimbursed or paid by others.
1 Medical and dental expenses (see instructions)..... 1
2 Enter amount from Form 1040, line 38 2
3 Multiply line 2 by 10% (.10). But if either you or your spouse was
born before January 2, 1949, multiply line 2 by 7.5% (.075) instead 3
4 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0-.   .   .   .   .   .    .   .     4
5 State and local (check only one box):
a □   Income tax or } .   .   .   .   .    .   .
b □ General sales tax 5
6 Real estate taxes (see instructions) . . . . . . . . . 6
7 Personal Property taxes. .   .   .   .   .   .   .   .   .   .   . 7
8 Other taxes. List type and amount > .
8
9 Add lines 5 through 8 9
10 Home mortgage interest and points reported to you on Form 1098 10
11 Home mortgage interest not reported to you on Form 1098. If paid
to the person from whom you bought the home, see instructions
and show that person’s name, identifying no., and address ▶
11
12 Points not reported to you on Form 1098. See instructions for
special rules   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   . 1,250 1250
13 Mortgage insurance premiums (see instructions)   .   .   .   . . 30,000 30000
14 Investment interest. Attach Form 4952 if required. (See instructions.) 14
15 Add lines 10 through 14.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   . 15
16 Gifts by cash or check. If you made any gift of $250 or more,
see instructions.   .   .   .   .   .   .   .   . . .   .   .   .   .   . 16
17 Other than by cash or check. If any gift of $250 or more, see
instructions. You must attach Form 8283 if over $500   .   .   . 17
18 Carryover from prior year   .   .   .   .   .   .   .   .   .   .   .   . 18
19 Add lines 16 through 18.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   . 19
20 Casualty or theft loss(es). Attach Form 4684. (See instructions.)   . .   .   .   .   .   .   . 20
21 Unreimbursed employee expenses—job travel, union dues, 21
ob education, etc. Attach Form 2106 or 2106-EZ if required. 22
(see instructions) ▶
22 Tax preparation fees   .   .   .   .   .   .   .   .   .   .   .   . .
23 Other expenses—investment, safe deposit box, etc. List type
and amount ▶ 23
24
24 Add lines 21 through 23   .   .   .   .   .   .   .   .   .   .   . .
25 Enter amount from Form 1040, line 38 25
26 Multiply line 25 by 2% (.02).   .   .   .   .   .   .   .   .   .   .   .   .   .   .   . 26
27 Subtract line 26 from line 24. If line 26 is more than line 24, enter -0-.   .   .   .   . . 27
28 Other—from list in instructions. List type and amount ▶
28
29 Is Form 1040, line 38, over $150,000?
□ No. Your deduction is not limited. Add the amounts in the far right column }
for lines 4 through 28. Also, enter this amount on Form 1040, line 40.
□   Yes. Your deduction may be limited. See the Itemized Deductions .   . 29
Worksheet in the instructions to figure the amount to enter.
30 If you elect to itemize deductions even though they are less than your standard
deduction, check here .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .
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Answer #1

Schedule A of Form 1040 is used only to show the details of itemizable eligible deductions from the income. In this schedule, income items are not shown.

Expenses on account of profession and rental house are specifically excluded from Schedule A, except Property Tax.

Alimony paid to divorce wife, is not a eligible expense for dedcution.SCHEDULE A Form 1040 Itemlzed Deductlons Intormation about scheduio A and its ceparate Instructions is at www.irs.gowschoduloa. Ocher 28 Other-from list in instructions List type and amount to Form 1040 Total temized Your secial security 29 a Farm 1040, Iine 38, ovar $155,6502 No. Your deduction not inted. Add the armourts n the tar nght oolumn for lines 4 through 28 Alao, enter th amount on Form 1040, line 40 Yos. Your doduction may bo imitod. Soo tho tornzod Doduct ons Worksheet in the instructions to figure the amount to enter 900-10-2000 Caution Do not includo expansoa roimburaad or paid by othera 1 Medical and dantal expenses (soe instructions) 2 Enter amount tom Form 1040, line 38 2 3 Multiply line 2 by 10% (0.10, Bull ether you or your spouse was Medical and 30 you elect to tomize deductions even though they aro loss than your standard bom belore Jury 2, 1862. mubplyine 2 by 7.6 % (0.075)inted |3 4 Subtract line 3 from ine 1. If line 3 is more than line 1. enter For Paperwork Reduction Act Natice, see Form 1040 Instructions Suheduie A Fomm 104 208 State and locdl (check only one box) Paid Income taxos, or b Gonoral salos taxes 6 Hoal octsto taxos foo instructions) 7 Parsonal propany taxes 8 Other taxes. List type and amount Add ines S through & 10 Home mortgage interest and points reported to you on Form 1098 10 You Paid 11 Home morigag intoroat nct raportad to you on Form 1038.paid to the parson from whom you bought the home, see irstructions and show that parsons name, identfying no, and addreos Your mortgage oe mled ee 12 Ponts not roported to you on Form 1098. Soo inatructions for special nules 13 Mortgege insurance premiums (see in structione) 14 Inveetment interest. Attach Fom 4952 f reqired. Bee instruon 14 Gitts to Charity r you made s 17 Other than by cash or check. If any gift of $260 or more, see 16 Gfts by cash or check. H you made any gift of $250 or more, na gora inatructions. You must ach Fom 8283 f ovor $500 torit, 18 Caryowar from prior yoar 19 Add ines 16 Theft Loss83 20 or thet Job Expenses 21 Unnmbursed employee expensos-job travel union dues, and Certain Miscellanoous S instructions.) Deductons 22 Tax preparation fees job education, etc. Attach Form 2106 or 2100-EZ ฮึ required. 23 Other expanoes-investment, safe depost box, etc. type 24 Add ines 2t through 25 Enter amourt rom Form 1040, line38 26 Multiply ine2S by 2%(0.02 25

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