Itemized Deductions by CC3X2Dm


									192af6c1-1c88-4768-bebc-90f144466c1d.xls                                  Intro

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    346 Homework 05

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192af6c1-1c88-4768-bebc-90f144466c1d.xls    Intro

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Problem 9-37

                                                             Deductible        Not
                                                          Moving     Other   Deductible
Moving Van Charge                        $    4,500
Loss on Sale of Residence                $    9,000
Lodging During Move                      $      540
Meals During Move                        $      410
Mileage for cars (most current rate)
                                         $   14,450   $       -      $   -   $      -     $   -
                          Check Figure                $      5,845
Problem 10-25

               Part a                  Check Figures
Bill's Doctor
Jodi's Medical
  Total Qualifying Expenditures   $0
Less Insurance Reimbursements
  Net Qualifying Expenditures     $0
AGI Limitation %
AGI Limitation                    $0
Medical Expense Deduction         $0 $        4,400
Problem 10-32

                                               a) 2012 Federal
State Income Taxes                   Amounts      Deduction

    April 2012, for 2011         $      1,000
    Payroll withholdings, 2012   $      7,400
    Estimated taxes paid, 2012   $        700
    April 2013, from 2012        $     (1,800)
    Total                        $      7,300 $            -
Problem 10-43

                                 AGI = $       150,000
                                           Reported by   Deducted on
                                            Taxpayer       Sch. A
Medical                                        $20,000
State & Local Income Taxes                      $4,500
Sales Tax                                       $1,300
Real Estate Taxes                               $4,000
Interest on Home Mortgage                       $4,500
Credit Card Interest                            $1,000
Charitable Contributions                        $5,000
Casualty Loss                                  $20,000
Unreimbursed Employee Expenses                  $5,000
                                               $65,300           $0
                                                         $    33,750

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