If answered within 30mins,it would be appreciable!! Nancy, a single taxpayer paid $18,000 in medical expenses in 2016. Her AGI in 2016 was $100,000. Nancy filed a claim for reimbursement of medical expenses with her insurance company in 2016 but did not receive reimbursement until May 15, 2017. Nancy paid no other expenses in 2016. Assuming medical expenses have a 10% floor and the standard deduction in 2016 is $6,300, how much of the medical expense reimbursement must Nancy include in gross in 2017 if she receives a reimbursement of $18,000? Explain your answer.

If answered within 30mins,it would be appreciable!! Nancy, a single taxpayer paid $18,000 in medical expenses in 2016. Her AGI in 2016 was $100,000. Nancy filed a claim for reimbursement of medical expenses with her insurance company in 2016 but did not receive reimbursement until May 15, 2017. Nancy paid no other expenses in 2016. Assuming medical expenses have a 10% floor and the standard deduction in 2016 is $6,300, how much of the medical expense reimbursement must Nancy include in gross in 2017 if she receives a reimbursement of $18,000? Explain your answer.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 30P

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