Need help

A staff tax accountant has come to you for advice. She has begun a tax return and does not know what to do with the expenses that the client has submitted as itemized deductions. She is unsure which expenses are allowable and should be included on her Schedule A. Review the expenses submitted by the client below. (Note: The client’s AGI is $45,000.)

Client submitted expenses:

Personal property taxes

$ 500

Reimbursed health insurance premiums

$ 1,500

Charitable contributions (cash only)

$ 200

Prescriptions

$ 150

Mortgage interest

$ 3,850

Contact lenses

$ 200

State income taxes withheld

$ 1,675

Unreimbursed medical expenses

$ 875

Services provided to a qualified nonprofit

$ 1,000

Real estate taxes

$ 850

Using the client submitted expenses above, complete the following:

  • List the allowable expenses.
  • Assist your staff with the completion of the Schedule A tax form for the most recent tax year.
  • For each expense not allowed, please explain why it is disallowed.

To obtain the most recently revised Form 1040 (Schedule A), follow these instructions:

  1. Go to http://www.irs.gov/app/picklist/list/formsInstructions.html
  2. In the Find box, type 1040 (in product number) and click “Find”
  3. Scroll down to Form 1040 (Schedule A&B), titled Itemized Deductions and Interest & Ordinary Dividends
  4. Complete Schedule A only. You do not have to complete Schedule B.

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