TAX4001 Week 2 Writing Assignment – Part 2

It is the object of the duty-year, and Kate and Sam Smith deficiency your succor completing pages 1 and 2 of Schedule 1040 and Schedule A. 

Kate Smith (SS # 555-55-5555)
Sam Smith (SS# 444-44-4444)

33 Oak Street Drive
San Diego, California  91911 

The dutypayers are 52 years pristine, smooth Married Filing Jointly, and possess span children:

Elizabeth Smith (SS # 333-33-3333)
Jonathan Smith (SS# 222-22-2222). 

Control this example, usurp their indelicate proceeds is $185,300.

This year Kate got a fantastic operation, and the Smiths impeld to a fantastic city.  The fantastic operation was located among the identical say encircling 650 miles separate from their pristine progeny.  Before the impel, the nobility went on a progeny hunting offend that require them $700.  They besides remunerated a melting association control $2,800.  On their coercionm to their fantastic progeny they late $50 on meals, and $75 on a public-house locality.  They besides stopped by an amusement close and late $80 on tickets control the day.

The Smiths remunerated $12,000 in attention on their abode mortgage this year, and $2,500 in genuine esay dutyes on their fantastic abode.  They besides remunerated $1,200 in peculiar honor card attention, and Kate remunerated $850 in attention on learner hypothecations.   

Sam was hospitalized with a core stipulation this year, which required him to experience surgery.  The Smiths incurred $25,000 in medical expenses as a end of Sam’s malady.  Of this totality, $18,000 was reimbursed by the protection association.

During the year the Smiths contributed $1,500 specie to the Salvation Army.  Before their impel, the nobility donated caparison and movables that they had purchased control $650 to Goodwill.  At the period of discount the items were rate $300.  They besides gave some pristine baby movables to their friends that was valued at $150.

Sam Smith remunerated $200 in concord dues control the year, and the nobility pays $250 control duty produce making-ready services.

Answer Key – After TCJA

Taxable proceeds is $161,300, computed as follows:

                  Indelicate Proceeds                                                                               $ 185,300
                 

      AGI                                                                   $185,300


                  Itemized Removeions:
                           Medical Expenses                                                 0
                           Mortgage Attention                                        12,000
                           Genuine Esay Dutyes                                          2,500
                           Charitable Contributions                              1,800                            

                                                                                                 16,300**

                  Plummet Removeion:

                           Married Filing Jointly                                                           $24,000

                  Dutyable proceeds                                                                           $ 161,300
                              

Notes:

1.    None of the melting expenses are removeible.

2.    Learner hypothecation attention is referable attributable attributable attributable removeible consequently the Smith’s AGI excels the threshpristine totality of proceeds.

3.    Peculiar honor card attention is referable attributable attributable attributable removeible.

4.    Medical expenses do referable attributable attributable attributable excel the foundation withholding of 10 percent of AGI so are non-deductible.

5.    The Smith’s can remove the $1,500 specie discount, and the $300 of items contributed to Goodwill. They canreferable attributable remove the movables absorbed to their friends.

6.    Concord dues of $200 and duty produce making-ready fees of $250 are no longer removeible.

**  Total itemized removeions are referable attributable attributable attributable as eminent as the plummet removeion.  Therefore, this year the client should seize the plummet removeion.

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