WEEK 3 Homework 1. Go to thewww.irs.govwebsite 2. Print ou

WEEK 3 Homework 1. Go to thewww.irs.govwebsite 2. Print out a Form 1040 Schedule A and instructions for this Schedule under Forms and Publications. Print the most recent Schedule and Instructions available. 3. Complete the Schedule A using the following facts: June and Mike Baird are a married couple. Together their Adjusted Gross Income is $150000. For 20XX they had the following items or occurrences related to itemized or possible itemized deductions. All amounts are totals for the year: a) Mortgage interest on primary residence $6000. Mortgage amount $220000. b) Property taxes primary residence $4000 c) Mortgage interest on vacation home $4000. Mortgage amount $160000 d) Property tax on vacation home $4000 e) Doctors bills paid out of pocket not covered by insurance $2100 f) Prescription drugs paid out of pocket $800 g) Health insurance premiums paid through employers and deducted from their gross income each week $2400 h) Over the counter medicines to treat Mike’s athlete’s foot $300 i) State income taxes withheld from paychecks $1800 j) State income taxes paid with their state return last year $400 k) Total loss of car not covered with comprehensive insurance so no insurance proceeds received. Paid $9000 for the car used at date of total loss value was $4800 l) Wallet stolen at beach containing $800 m) Tax return preparation fees paid $200 n) Investment counselor fees paid $400 o) Cash gifts to church $2400 p) Gifts of old clothing to Goodwill and Salvation Army all donated August 31st miscellaneous items listed by June as being worth $350 q) Gift of appreciated Sherwin-Williams Company stock to the Church. June had paid $1500 for the stock three years ago and its value at date of gift (October 1) was $3200 r) Various gifts at the holiday season to needy individuals who use the church’s soup kitchen $200

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