Module 5: Portfolio Milestone

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timer Asked: Oct 19th, 2018
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Question Description

Obtain the supporting information from your Portfolio Project option. You will also use the Schedule A template included under that same option.

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. Submit a single MS Excel file for grading.

Review the Portfolio Project Milestone Rubric in the Module 5 Materials folder to understand how you will be graded on the project. You must address instructor feedback when submitting your complete Portfolio Project during week 8.

The deliverable is as follows:

The completed Form 1040-Schedule A template.

Unformatted Attachment Preview

Itemized Deductions SCHEDULE A (Form 1040) OMB No. 1545-0074 ▶ Go Department of the Treasury Internal Revenue Service (99) to www.irs.gov/ScheduleA for instructions and the latest information. ▶ Attach to Form 1040. Caution: If you are claiming a net qualified disaster loss on Form 4684, see the instructions for line 28. Name(s) shown on Form 1040 Medical and Dental Expenses Taxes You Paid Interest You Paid Note: Your mortgage interest deduction may be limited (see instructions). Caution: Do not include expenses reimbursed or paid by others. Medical and dental expenses (see instructions) . . . . . 1 Enter amount from Form 1040, line 38 2 Multiply line 2 by 7.5% (0.075). . . . . . . . . . . . 3 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0- . . State and local (check only one box): a Income taxes, or . . . . . . . . . . . 5 b General sales taxes 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 . . . . . . . . . . . . . . . . 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 ▶ 1 2 3 4 5 2017 Attachment Sequence No. 07 Your social security number . . . . . . 4 . . . . . . 9 } 11 12 Points not reported to you on Form 1098. See instructions for special rules . . . . . . . . . . . . . . . . . 12 13 Mortgage insurance premiums (see instructions) . . . . . 13 14 Investment interest. Attach Form 4952 if required. See instructions 14 15 Add lines 10 through 14 . . . . . . . . . . . . . . . . . . . . . Gifts to 16 Gifts by cash or check. If you made any gift of $250 or more, see instructions . . . . . . . . . . . . . . . . 16 Charity 17 Other than by cash or check. If any gift of $250 or more, see If you made a gift and got a instructions. You must attach Form 8283 if over $500 . . . 17 benefit for it, 18 Carryover from prior year . . . . . . . . . . . . 18 see instructions. 19 Add lines 16 through 18 . . . . . . . . . . . . . . . . . . . . . Casualty and 20 Casualty or theft loss(es) other than net qualified disaster losses. Attach Form 4684 and Theft Losses enter the amount from line 18 of that form. See instructions . . . . . . . . . 15 19 20 Job Expenses 21 Unreimbursed employee expenses—job travel, union dues, and Certain job education, etc. Attach Form 2106 or 2106-EZ if required. Miscellaneous 21 See instructions. ▶ Deductions 22 Tax preparation fees . . . . . . . . . . . . . 22 23 Other expenses—investment, safe deposit box, etc. List type and amount ▶ Other Miscellaneous Deductions 24 25 26 27 28 23 Add lines 21 through 23 . . . . . . . . . . . . 24 Enter amount from Form 1040, line 38 25 Multiply line 25 by 2% (0.02) . . . . . . . . . . 26 Subtract line 26 from line 24. If line 26 is more than line 24, enter -0- . Other—from list in instructions. List type and amount ▶ . . . . . 27 28 29 Is Form 1040, line 38, over $156,900? Total Itemized 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. Deductions } . Yes. Your deduction may be limited. See the Itemized Deductions 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 . . . . . . . . . . . . . . . . . . . ▶ For Paperwork Reduction Act Notice, see the Instructions for Form 1040. Cat. No. 17145C . 29 Schedule A (Form 1040) 2017 ACT405 – Portfolio Project Case 1 Comprehensive Tax Problem – Option 1 Taxpayer Information Name: John Washington Address: 3450 Green St. Miami, FL 54321 DOB: 5/5/1960 Filing Status: Married SSN: 434-20-2020 Occupation: Engineer Name: Debra Washington Address: 3450 Green St. Miami, FL 54321 DOB: 7/7/1962 Filing Status: Married SSN: 411-21-4568 Occupation: Teacher INCOME INFORMATION: Wages and Compensation The following information is taken from John Washington’s 2017 Form W-2 Wage and Tax Statement: Box 1 – Wages, tips, and other compensation Box 2 – Federal Withholding Box 17 – State Income Tax Withholding 80,000 12,500 2,000 The following information is taken from Debra Washington’s 2017 Form W-2 Wage and Tax Statement: Box 1 – Wages, tips, and other compensation Box 2 – Federal Withholding Box 17 – State Income Tax Withholding 42,000 3,500 750 Interest and Dividends John had interest income from a savings account from Everest Bank of $500.00 Debra had dividend income of $550 from Blue Co. stock. Capital Gains John had the following stock transactions in 2017: He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2017, which he purchased on April 1, 2017 for 25,000 Rental Real Estate The couple owns a rent house which he purchased on July 1, 2014. The income and expenses of the rental real estate unit are as follows: Rental income Property taxes Depreciation Repairs and Maintenance Insurance $12,000 $1,500 $1,000 $750 $2,000 Other Transactions in 2017 1. Debra had educator expenses in 2017 of $450.00 2. John had gambling winnings of $1,000. 3. John was the beneficiary of his mother’s life insurance policy. His mother died in 2017 and he received $50,000 under this policy. 4. Debra paid $700 in student loan interest. ...
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Tutor Answer

FinAccGuru
School: UIUC

Here it is Excel Format. Please accept this. Let me know if any clarigitaion is is required. Thank you

SCHEDULE A
(Form
1040)
Department of the Treasury
Internal Revenue Service (99)

Itemized Deductions
▶ Information about Schedule A and its separate instructions is at www.irs.gov/schedulea

▶ Attach to Form 1040.
Name(s) shown on Form1040

John Washington & Debra Washington
Caution. Do not include expenses reimbursed or paid by others.

Medical
and
Dental
Expenses

Taxes
You
Paid

Interest
You
Paid
Note.
Your
mortgage
interest
deduction
may be
limited (see
instructions).

Gifts to
Charity
if you made a

1 Medical and dental expenses (see instructions).....
2
2 Enter amount from Form 1040, line 38
3 Multiply line 2 by 10% (.10). But if either you or your spouse was
born before J...

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Anonymous
Excellent job

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