Appendix A: Romeo and Cindy Colombo Information Your new boss wants you to prepare 1040 Form Schedul

Appendix A: Romeo and Cindy Colombo Information

Your new boss wants you to prepare 1040 Form Schedule A for Romeo and Cindy Colombo. For the last tax year, they had the following items or occurrences related to itemized or potential itemized deductions. Use the forms for the calendar year just prior to the year you are taking this course (e.g., if you are taking the course in 2019, use 2018 forms and rules).   All amounts are totals for the year.

Facts:

Taxpayer: Romeo & Cindy Colombo

1400 Ranchos Blvd

San Jose, CA 92111

Social Security Number

Romeo: 555-12-4480

Social Security Number

Cindy: 123-78-5143

Filing status

Married, joint

Adjusted Gross Income (for both)

$150,000

Mortgage interest on primary residence

6,000

Mortgage amount

220,000

Property taxes, primary residence

8,255

Mortgage interest on vacation home

10,560

Mortgage amount

160,000

Property tax on vacation home

3,500

Doctor bills paid out of pocket, not covered by insurance

3150

Prescription drugs paid out of pocket

1125

Health insurance premiums paid through employers and deducted from their gross income each week

2,400

Over the counter medicines to treat Romeo's skin condition

300

State income taxes withheld from paychecks

1,800

State income taxes paid with their state return last year

400

The car was a total loss, thus not covered with comprehensive insurance so no insurance proceeds received. Paid $9,000 for the used car. At date of total loss, value was:

4,800

Wallet stolen at beach, containing

100

Tax return preparation fees paid

1,000

Investment counselor fees paid

400

Cash gifts to church   

2,400

Donations of old clothing to Goodwill and Salvation Army, all donated August 31st, miscellaneous items listed by Cindy as being worth

350

Donation of appreciated Sherwin-Williams Company stock to the Church. Cindy had paid $1,500 for the stock three years ago, and its value at date of gift (October 1):

3,200

Various donations during the holiday season to needy individuals who use the church's soup kitchen

200

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