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eorge file their tax return as married filing jointly. Their dical expenses as follows. scription Medications $600 ntal Care $4,500 ergency Room Visits $1,500 Rays and Imaging $800 y received

eorge file their tax return as married filing jointly. Their dical expenses as follows. scription Medications $600 ntal Care $4,500 ergency Room Visits $1,500 Rays and Imaging $800 y received

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tim and George file their tax return as married filing jointly. Their combined AGI is 56,500. They have medical expenses as follows. Prescription Medications $600 Dental Care $4,500 Emergency Room Visits $1,500 X-Rays and Imaging $800 They received reimbursements from their insurance company in the amount of $1,651. How much can they claim as a deduction for medical expenses (after limitations)? a) $0 b) $1,512 c) $5,749 d) $7,400
Transcribed Image Text:Tim and George file their tax return as married filing jointly. Their combined AGI is 56,500. They have medical expenses as follows. Prescription Medications $600 Dental Care $4,500 Emergency Room Visits $1,500 X-Rays and Imaging $800 They received reimbursements from their insurance company in the amount of $1,651. How much can they claim as a deduction for medical expenses (after limitations)? a) $0 b) $1,512 c) $5,749 d) $7,400
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