Lucille is 70 years old and is covered by Medicare. She contributes $3,050 to her HSA. Deductible HSA amount?
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Lucille is 70 years old and is covered by Medicare. She contributes $3,050 to her HSA. Deductible HSA amount?
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- Mike (a single taxpayer ) paid $12,000 of medical expenses in 2022. His AGI in 2022 was $70,000 . His other itemized deductions (charitable contributions) were $12,900. Mike is reimbursed $8,000 for these medical expenses in 2023. What amount of the $8,000 refund is taxable in 2023?Edna spent the last 80 days of 2021 in a nursing home. The cost of the services provided to her was $24,000 ($300 per day). Medicare paid $14,000 toward the cost of her stay. Edna also received $14,000 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $400. If the amount is zero, enter 0. What is the effect on Edna's gross income? The amount of her exclusion is $ and the amount included in her gross income is $Phil is age 67 and has just received a $20,000 taxable HSA distribution that he is using to supplement his retirement income. What tax penalty, if any, applies to his HSA distribution for other than qualified medical expenses? A. $4,000 B. $3,000 C. $2,000 D. $0
- John Jay, 45, is married and supports his mother, age 67. During 2019, he paid $1,300 for prescription medicines for his mother (who is his dependent), $1,000 for prescription medicines for his wife (age 43), and $5,400 for doctor and hospital bills for himself. His gross income is $55,000 and his adjusted gross income is $50,000. In itemizing his deductions, Jay may claim a medical expense deduction, after application of proper limitations, of: a, 3,950 b, 7,700 c, 1,575 d, 2,700 e, none of the aboveShould a 31-year-old self employed single woman establish a traditional deductible IRA, a traditional nondeductible IRA, or a Roth IRA? She has two children, ages 10 and 8.Please help with the remaining of this problem
- Monica has a Roth IRA to which she contributed $15,000. The IRA has a current value of $37,500. She is 54 years old and takes a distribution of $25,000. How much of the distribution will be taxable to Monica? $15,000 $10,000 $0 $25,000 $37,500Laurent is a single individul with an adjusted gross incone of $50,000 in 2021. During the curent year, he incurs several medical expenses. What is his lowatie deduction for the following expenses (assuming he itemizes deductions)? Doctors Dentist Optometrist Veterinarian Prescription drugs Aspirin, cold pills Contact lenses Crutch rental for broken leg Health insurance premiums Transportation - 100 miles to and from doctors, dentists, ete. Reimbursements for medical care $2,500 1,250 150 1,150 375 75 200 80 2,300 2,800 O so $321 O $3,750 O $4,071 $5,280Compute for the taxable income in each of the following cases. Show your computation. Thank you in advance.
