Standard deduction or itemize deductions

Please do not copy anything from google resources to solve in your own way. I have attached notes and the excel sheet template for part 2. Use a word doc to complete part 1. Also I can provide additional materials and pdf book. This case study includes two parts: Ron and Sue Johnson are married with two children Ed age 10 and Joe age 19. On July 7 of the current year Ron died. Joe is a full-time student at the state university. The Johnsons own their home and live in Arizona. Ron had been disabled for 5 years. Sue is a CPA and sings in her church choir. Characterize each of the provided items or events as “above the line deductions” “below the line deductions” or “not deductible.” Disregard any AGI limitations. Use the provided template to complete Part 2 of the case study. Mr. Smith is an attorney and Mrs. Smith is an insurance broker. They are married filing jointly. Total income reported on Form 1040 for the tax year 2019 is $120000 and the standard deduction is $24400. Based on the scenario complete the following: Adjustments 1. Mr. Smiths federal withholdings of $18000 2. Mr. Smiths state withholdings of $7000 3. Mrs. Smiths federal withholdings of $17000 4. Mrs. Smiths state withholdings of $6000 5. Real estate taxes paid on home of $4000 6. Cash Contributions to church of $12000 7. Clothing donations to charity that cost $3000 but have a thrift shop value of $300 8. Contributions to homeless woman totaling $200 9. Unreimbursed medical expenses of $4000 10. Home mortgage interest of $12000 11. Interest paid on car loan $3000 12. Student loan interest $1500 13. Alimony paid to Mr. Smiths ex-wife for divorce agreement finalized in 2015) totaling $15000 14. Tax preparation fees $1000 15. Cost to replace roof on personal residence for normal wear and tear $20000 Requirements: 1 | .doc file Use the provided Part 2 excel sheet Template to complete the second part. Calculate Mr. and Mrs. Smiths taxable income by entering the adjustments from the case study below. Start with gross income minus adjustments to arrive at adjusted gross income and then subtract itemized deductions. Determine if they should take the standard deduction or itemize deductions to arrive at taxable income. Explain why you chose to either itemize or take the standard deduction for each. Support your answers with evidence and cite your sources using an APA reference and citation. Calculate Mr. and Mrs. Smiths taxable income by entering the adjustments from the case study below.Start with gross income minus adjustments to arrive at adjusted gross income and then subtract itemized deductions.Determine if they should take the standard deduction or itemize deductions to arrive at taxable income.Explain why you chose to either itemize or take the standard deduction for each. Support your answers with evidence and cite your sources using an APA reference and citation.

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