Determine itemized deductions and complete a Schedule A for a tax scenario.
Note: Completing a tax form requires specific steps that need to be executed in a sequence. The assessments in this course are presented in a sequence and must be completed in order. Incorrect entries in previous assessments will result in incorrect entries in future assessments. Do not complete Assessment 4 until you have submitted and received faculty feedback for Assessment 3.
“If you make any money, the government shoves you in the creek once a year with it in your pockets, and all that don’t get wet you can keep.”— Will Rogers, American cowboy and humorist.
Staying with Will Rogers’ analogy, Schedule A is analogous to a sealed sandwich bag that protects some of the coins from the raging waters of government greed. If you are fortunate enough to have made significant income during a tax year, it is quite possible that you also have significant deductions to offset those monies. The Schedule A tax form allows taxpayers to itemize their deductions, rather than using the standard deduction.
Quotegarden.com. (n.d.). Quotations about taxes. http://www.quotegarden.com/taxes.htm
Note: The assessments in this course are presented in a sequence and must be completed in order. In Assessments 2-5, you will work step-by-step toward completing a 1040 tax return and all the necessary related forms, based on a provided scenario. Do not complete Assessment 4 until you have submitted and received faculty feedback for Assessment 3.
The Schedule A tax form allows taxpayers to itemize their deductions, rather than using the standard deduction. For this assessment, you will determine itemized deductions for the Weavers for Schedule A.
Jacob and Taylor Weaver, ages 45 and 42 respectively, are married and are filing jointly in 2021.
For this assessment, complete the following:
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
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