7.4-7.5 Form 1040 and Schedules A and B 1. The Manson family had an adjusted gross income of $90,623. They included medical deductions on Schedule A. They had $16,870 in medical expenses. Medical insurance covered 70% of these expenses. The IRS allows medical and dental expenses deductions for the amount that exceeds 8.2% of a taxpayer's adjusted gross income. How much can they claim as a medical deduction?
7.4-7.5 Form 1040 and Schedules A and B 1. The Manson family had an adjusted gross income of $90,623. They included medical deductions on Schedule A. They had $16,870 in medical expenses. Medical insurance covered 70% of these expenses. The IRS allows medical and dental expenses deductions for the amount that exceeds 8.2% of a taxpayer's adjusted gross income. How much can they claim as a medical deduction?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:7.4-7.5 Form 1040 and Schedules A and B
1. The Manson family had an adjusted gross income of $90,623. They included medical
deductions on Schedule A. They had $16,870 in medical expenses. Medical insurance covered
70% of these expenses. The IRS allows medical and dental expenses deductions for the
amount that exceeds 8.2% of a taxpayer's adjusted gross income. How much can they claim as
a medical deduction?
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