keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false еВook Problem 10-25 (LO. 2) For calendar year 2020, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2020. How much of these premiums may Jean deduct as a deduction for AGI? As an itemized deduction? If an amount is zero, enter "0". Self-employed persons can deduct % of their medical insurance premiums as a deduction for AGI in 2020. Thus, Jean may deduct $ as a deduction - AGI and she may deduct $ as an itemized deduction (subject to the AGI floor). Previous Check My Work
keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false еВook Problem 10-25 (LO. 2) For calendar year 2020, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2020. How much of these premiums may Jean deduct as a deduction for AGI? As an itemized deduction? If an amount is zero, enter "0". Self-employed persons can deduct % of their medical insurance premiums as a deduction for AGI in 2020. Thus, Jean may deduct $ as a deduction - AGI and she may deduct $ as an itemized deduction (subject to the AGI floor). Previous Check My Work
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 10-25 (LO. 2)
For calendar year 2020, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid
$7,000 in medical insurance premiums on her policy covering 2020. How much of these premiums may Jean deduct as a deduction for AGI?
As an itemized deduction? If an amount is zero, enter "0".
Self-employed persons can deduct
% of their medical insurance premiums as a deduction for AGI in 2020. Thus, Jean
may deduct $
as a deduction
- AGI and she may deduct $
as an itemized deduction
(subject to the AGI floor).
Previous
Check My Work
Expert Solution
Step 1
Whenever payment has been made, the taxpayers would be able to deduct medical expenditures. Nevertheless, if a taxpayer dies and costs are spent and settled under the one-year time period, they are deductible on the day they are spent. As a result, these costs will be reported on the dead person's previous income tax return. A medical facility that will be provided in the future is not eligible for a deduction in the present year.
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