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How do you complete the 2016 Form Schedule A using the information below?
Taxpayer Information
Name: John Washington & Debra Washington
Filing Status: Married
The following information is taken from John Washington’s 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 Washington’s 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
John had interest income from a savings account from Everest Bank of $500.00
Debra had dividend income of $550 from Blue Co. stock.
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
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
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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