Read the case on which your Portfolio Project is based Determine all items that will be deducted before the AGI calculation In a MS Excel spreadsheet, list all deductible items in column A In column B, determine where that deduction should appear on Form 1040 (for tax year 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 Washingtons 2017 Form W 2 Wage and Tax Statement Box 1 Wages, tips, and other compensation 80,000 Box 2 Federal Withholding 12,500 Box 17 State Income Tax Withholding 2,000 The following information is taken from Debra Washingtons 2017 Form W 2 Wage and Tax Statement Box 1 Wages, tips, and other compensation 42,000 Box 2 Federal Withholding 3,500 Box 17 State Income Tax Withholding 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 $12,000 Property taxes $1,500 Depreciation $1,000 Repairs and Maintenance $750 Insurance $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 mothers 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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Question: Read the case on which your Portfolio Project is based. Determine all items that will be deducted before the AGI calculation. In a MS Excel

Read the case on which your Portfolio Project is based. Determine all items that will be deducted before the AGI calculation. In a MS Excel spreadsheet, list all deductible items in column A. In column B, determine where that deduction should appear on Form 1040 (for tax year 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 Washingtons 2017 Form W-2 Wage and Tax Statement:

Box 1 Wages, tips, and other compensation	80,000
Box 2 Federal Withholding	12,500
Box 17 State Income Tax Withholding	2,000

The following information is taken from Debra Washingtons 2017 Form W-2 Wage and Tax Statement:

Box 1 Wages, tips, and other compensation	42,000
Box 2 Federal Withholding	3,500
Box 17 State Income Tax Withholding	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 $12,000

Property taxes $1,500

Depreciation $1,000

Repairs and Maintenance $750

Insurance $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 mothers 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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