Gifts
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I am getting confused on line 11 for Gifts to Charity.
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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
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Partially correct
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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 ×
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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
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Form W-2 Reporting of Employer x
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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):
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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
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