Help With Schedule A

Required information Comprehensive Problem 6-62 (LO 6-1, LO 6-2, LO 6-3) (Algo) [The following information applies to the questions displayed below.] Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2021). She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following information with hopes that you could use it to determine her taxable income. a. Shauna paid $4,694 for medical expenses for care related to a broken ankle. Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,435 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shauna had Lasik eye surgery last year and paid $3,035 for the surgery (she received no insurance reimbursement). She also incurred $464 of other medical expenses for the year. c. SD withheld $1,835 of state income tax, $7,530 of Social Security tax, and $14,640 of federal income tax from Shauna's paychecks throughout the year. d. In 2021, Shauna was due a refund of $264 for overpaying her 2020 state taxes. On her 2020 state tax return that she filed in April 2021, she applied the overpayment toward her 2021 state tax liability. She estimated that her state tax liability for 2021 will be $2,335. e. Shauna paid $3,235 of property taxes on her personal residence. She also paid $514 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. 1. Shauna paid a $214 property tax based on the state's estimate of the value of her car. g. Shauna has a home mortgage loan in the amount of $227,000 that she secured when she purchased her home. The home is worth about $407,000, Shauna paid interest of $12,440 on the loan this year. h. Shauna made several charitable contributions throughout the year. She contributed stock in ZYX Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1,140 and her basis in the shares was $456. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $314 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $514 and Shauna's basis in the items was $314. Shauna had every reason to believe the church would keep them on display indefinitely. Shauna also drove 200 miles doing church-related errands for her minister. Finally, Shauna contributed $1,235 of services to her church last year. 1. Shauna paid $264 in investment advisory fees and another $164 to have her tax return prepared (that is, she paid $164 in 2021 to have her 2020 tax return prepared). j. Shauna is involved in horse racing as a hobby. During the year, she won $2,535 in prize money and incurred $11,400 in expenses. She has never had a profitable year with her horse-racing activities, so she acknowledges that this is a hobby for federal income tax purposes. k. Shauna sustained $2,035 in gambling losses over the year (mostly horse-racing bets) and had only $214 in winnings. Comprehensive Problem 6-62 Part b-2 (Algo) b-2. Complete page 1 of Form 1040 (through taxable income, line 15) and Schedule A assuming her AGI is $214,000. Comprehensive Problem 6-62 Part b-2 (Algo) b-2. Complete page 1 of Form 1040 (through taxable income, line 15) and Schedule A assuming her AGI is $214,000. (Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement. Use 2021 tax rules regardless of year on form.) Shauna's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Shauna Coleman: 111-11-1111 Form 1040 for Single with no dependents. 1040 PG 1 Schedule A Form 1040 Schedule A. SCHEDULE A (Form 1040) Department of the Treasury Internal Revenue Service (99) Name(s) shown on Form 1040 or 1040-SR Medical and Dental Expenses Taxes You Paid Itemized Deductions Go to www.irs.gov/ScheduleA for instructions and the latest Information. Attach to Form 1040 or 1040-SR. Caution: If you are claiming a net qualified disaster loss on Form 4684, see the instructions for line 16. Caution: Do not include expenses reimbursed or paid by others. 1 Medical and dental expenses (see instructions) 2 Enter amount from Form 1040 or 1040-SR, line 11 3 Multiply line 2 by 7.5% (0.075) 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter-0- 5 State and local taxes 2 a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, check this box b State and local real estate taxes (see instructions) e State and local personal property taxes dAdd lines 5a through Sc 5a 5b 5c 5d OMB No. 1545-0074 2020 Attachment Sequence No. 07 Your social security number Required information Interest You Paid Caution: Your mortgage interest deduction may be limited (see instruction) Gifts to Charity Caution: If you made a gift and got a benefit for it, see instructions. Casualty and Theft Losses Other Itemized Deductions Total Itemized Deductions b State and local real estate taxes (see instructions) e State and local personal property taxes d Add lines Sa through Sc Enter the smaller of line 5d or $10,000 ($5,000 if married fling separately) 6 Other taxes. List type and amount 7 Add lines 5e and 6 8 Home mortgage interest and points. If you didn't use all of your home mortgage loan(s) to buy, build, or improve your home, see instructions and check this box a Home mortgage interest and points reported to you on Form 1098. See instructions if limited b Home mortgage interest not reported to you on Form 1098. See instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address c Points not reported to you on Form 1098. See instructions for special rules d Mortgage insurance premiums (see instructions). e Add lines Ba through Bd. 9 Investment interest. Attach Form 4952 if required. See instructions 10 Add lines Be and 9 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500 13 Carryover from prior year 14 Add lines 11 through 13 B 5b 5c 5d Se For Paperwork Reduction Act Notice, see the Instructions for Forms 1040 and 1040-SR. : 8b Be 8d 80 9 11 12 13 15 Casualty and theft loss(es) from a federally declared disaster (other than not qualified disaster losses) Attach Form 4684 and enter the amount from line 18 of that form. See instructions 16 Other--from list in instructions. List type and amount 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on Form 1040 or 1040-SR, line 12 18 If you elect to itemize deductions even though they are less than your standard deduction, check this box Cat No. 171450 7 10 14 15 16 17 Schedule A (Form 1040) 2020