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Business
Accounting
Gifts

Gifts

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I am getting confused on line 11 for Gifts to Charity.

CengageNOWv2 | Online teachin x LSC D baby f0ed7b87-70a8-4a94-ad45-3346 X v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Gifts to Charity Caution: If you made a gift and got a benefit for it, see instructions. Casualty and Theft Losses Other Itemized Deductions food Chapter 05 Comprehensive Problem eBook Total Itemized Deductions Feedback ▼ Check My Work Feedback Partially correct Check My Work ►Check My Work Jobs Dr Assignment Score: 41.92% bills Tax For Paperwork Reduction Act Notice, see the Instructions for Forms 1040 and 1040-SR. 13 Carryover from prior year. 14 Add lines 11 through 13.. 2021 Instructions for Schedule Instructions for Form 8889 (202 × Main.do?invoker=&takeAssignmentSession Locator=&inprogress=false other SB Southside Bank | H... Life Insurance 10 Add lines 8e and 9.. 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions.. 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500. 11 12 13 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions 16 Other-from list in instructions. List type and amount X 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on Form 1040 or 1040-SR, line 12a 18 If you elect to itemize deductions even though they are less than your standard deduction, check this box Cat. No. 17145C 10 14 15 16 17 18,903 Schedule A (Form 1040) 2021 All work saved. O M Form W-2 Reporting of Employer x b Home | bartleby X + Other bookmarks Next ⠀ Email Instructor Save and Exit Submit Assignment for Grading 22:37
Transcribed Image Text:CengageNOWv2 | Online teachin x LSC D baby f0ed7b87-70a8-4a94-ad45-3346 X v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Gifts to Charity Caution: If you made a gift and got a benefit for it, see instructions. Casualty and Theft Losses Other Itemized Deductions food Chapter 05 Comprehensive Problem eBook Total Itemized Deductions Feedback ▼ Check My Work Feedback Partially correct Check My Work ►Check My Work Jobs Dr Assignment Score: 41.92% bills Tax For Paperwork Reduction Act Notice, see the Instructions for Forms 1040 and 1040-SR. 13 Carryover from prior year. 14 Add lines 11 through 13.. 2021 Instructions for Schedule Instructions for Form 8889 (202 × Main.do?invoker=&takeAssignmentSession Locator=&inprogress=false other SB Southside Bank | H... Life Insurance 10 Add lines 8e and 9.. 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions.. 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500. 11 12 13 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions 16 Other-from list in instructions. List type and amount X 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on Form 1040 or 1040-SR, line 12a 18 If you elect to itemize deductions even though they are less than your standard deduction, check this box Cat. No. 17145C 10 14 15 16 17 18,903 Schedule A (Form 1040) 2021 All work saved. O M Form W-2 Reporting of Employer x b Home | bartleby X + Other bookmarks Next ⠀ Email Instructor Save and Exit Submit Assignment for Grading 22:37
CengageNOWv2 | Online teachin x LSC D baby f0ed7b87-70a8-4a94-ad45-3346 X v2.cengagenow.com/ilrn/takeAssignment/takeAssignment food Jobs Dr bills Chapter 05 Comprehensive Problem eBook reported on his Form w-2 (see separate tab). Jim received Form 1098 from the Reno Bank & Trust (see separate tab). Credit card interest Auto loan interest Auto insurance Property taxes on personal residence Contributions to HSA Income tax preparation fee Charitable contributions (all cash): Boy Scouts of America St. Matthews Church Check My Work Tax Nevada Democratic Party Fund-raising dinner for the Reno Auto Museum (value of dinner is $45) Jim's other income includes interest on a savings account at Nevada National Bank of $12,000 (1099-INT not shown). Jim pays his ex-spouse, Sarah McLoughlin, $3,900 per month in accordance with their February 12, 2020 divorce decree. When their 12-year-old child (in the ex-wife's custody) reaches the age of 18, the payments are reduced to $2,800 per month. His ex-wife's Social Security number is 554- 44-5555. Assignment Score: 41.92% 2021 Instructions for Schedule Life Insurance In 2021, Jim purchased new car and so he kept track of his sales tax receipts during the year. His actual sales tax paid is $5,210, which exceeds the estimated amount per the IRS tables. Jim participates in a high-deductible health plan and is eligible to contribute to a health savings account. His HSA earned $75 in 2021. During the year, Jim paid the following amounts (all of which can be substantiated): Main.do?invoker=&takeAssignmentSession Locator=&inprogress=false other SB Southside Bank | H... Required: Complete Jim's Form 1040 and Schedules 1, A and B as well Form 8889. Instructions for Form 8889 (202 × $1,76 4,300 900 3,400 2,000 900 1,200 3,100 250 In 2021, Jim inherited over $500,000 from his Uncle Travis who died in 2021. Although Jim invested a large portion, he also contributed $121,000 cash to the newly named Travis School of Criminal Justice at the University of Reno. 100 O All work saved. M Form W-2 Reporting of Employer x b Home | bartleby X + Email Instructor ES Other bookmarks Next Save and Exit Submit Assignment for Grading ⠀ 22:37
Transcribed Image Text:CengageNOWv2 | Online teachin x LSC D baby f0ed7b87-70a8-4a94-ad45-3346 X v2.cengagenow.com/ilrn/takeAssignment/takeAssignment food Jobs Dr bills Chapter 05 Comprehensive Problem eBook reported on his Form w-2 (see separate tab). Jim received Form 1098 from the Reno Bank & Trust (see separate tab). Credit card interest Auto loan interest Auto insurance Property taxes on personal residence Contributions to HSA Income tax preparation fee Charitable contributions (all cash): Boy Scouts of America St. Matthews Church Check My Work Tax Nevada Democratic Party Fund-raising dinner for the Reno Auto Museum (value of dinner is $45) Jim's other income includes interest on a savings account at Nevada National Bank of $12,000 (1099-INT not shown). Jim pays his ex-spouse, Sarah McLoughlin, $3,900 per month in accordance with their February 12, 2020 divorce decree. When their 12-year-old child (in the ex-wife's custody) reaches the age of 18, the payments are reduced to $2,800 per month. His ex-wife's Social Security number is 554- 44-5555. Assignment Score: 41.92% 2021 Instructions for Schedule Life Insurance In 2021, Jim purchased new car and so he kept track of his sales tax receipts during the year. His actual sales tax paid is $5,210, which exceeds the estimated amount per the IRS tables. Jim participates in a high-deductible health plan and is eligible to contribute to a health savings account. His HSA earned $75 in 2021. During the year, Jim paid the following amounts (all of which can be substantiated): Main.do?invoker=&takeAssignmentSession Locator=&inprogress=false other SB Southside Bank | H... Required: Complete Jim's Form 1040 and Schedules 1, A and B as well Form 8889. Instructions for Form 8889 (202 × $1,76 4,300 900 3,400 2,000 900 1,200 3,100 250 In 2021, Jim inherited over $500,000 from his Uncle Travis who died in 2021. Although Jim invested a large portion, he also contributed $121,000 cash to the newly named Travis School of Criminal Justice at the University of Reno. 100 O All work saved. M Form W-2 Reporting of Employer x b Home | bartleby X + Email Instructor ES Other bookmarks Next Save and Exit Submit Assignment for Grading ⠀ 22:37
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