Olivia, a single employee with AGl of $50,000 before consideration of the below

Question

Olivia, a single employee with AGl of $50,000 before consideration of the below incurred the following expenses during the year: Unreimbursed employee transportation expenses for business trip $1, 200 Unreimbursed registration fees for business conference. 800 Unreimbursed employee business-related meals and entertainment 700 Unreimbursed country club dues (used 60% for business) 650 Fully reimbursed dues and professional fees 300 Local meals eaten alone during regular business hours after visiting client 400 Commuting to place of business 500 Qualified moving expenses 1,000 Tax return preparation fees 200 Safe deposit box rental for stock certificates 150 What is Olivia's net miscellaneous itemized deduction for the year?

Explanation / Answer

Answer :

Income of the Employee before consideration of items: $50,000

Add: Reimbursement: Fully reimbursed dues and professional fees 300

Less: Deductions

Miscellanous deductions ( Schedule A -Form 1040 )

a) Unreimbursed employee transportation expenses $1200

b) Unreimbursed registration fee for business conference 800

c) Unreimbursed employee business related meals and entertainment 700

d) Unreimbursed country club dues ( 850 * 60% ) 510

e) Safe deposit stock rental for stock certificate 150

Deduction in Final return ( Form 1040 )

f) Qualified moving expenses 1000

g) Communicating to place of business 500

h) Tax return prepartion fee 200

AGI after consideration of Items: $45240

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