Medical insurance premiums $1,200 Premiums on an insurance policy that pays $100 per 400 day for each day Margaret is hospitalized Medical care lodging (two people, one night) Hospital bills Herbal supplements Dentist bills Prescription drugs and medicines 160 2,500 75 250 Cosmetic surgery 360 400 addition, they drove 122 miles for medical transportation, and their insurance company reimbursed them $500 for the above expenses. Using the Medical and Dental Expenses portion of Schedule A of Form 1040 from Appendix F, calcul urphy's medical expense deduction.
Medical insurance premiums $1,200 Premiums on an insurance policy that pays $100 per 400 day for each day Margaret is hospitalized Medical care lodging (two people, one night) Hospital bills Herbal supplements Dentist bills Prescription drugs and medicines 160 2,500 75 250 Cosmetic surgery 360 400 addition, they drove 122 miles for medical transportation, and their insurance company reimbursed them $500 for the above expenses. Using the Medical and Dental Expenses portion of Schedule A of Form 1040 from Appendix F, calcul urphy's medical expense deduction.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In 2023, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax return with AGI of $28,000. During the year they incurred the following expenses:
Medical insurance premiums
Premiums on an insurance policy that pays $100 per
day for each day Margaret is hospitalized
Medical care lodging (two people, one night)
Hospital bills
Herbal supplements
Dentist bills
Prescription drugs and medicines
Cosmetic surgery
$1,200
400
160
2,500
75
250
360
400
In addition, they drove 122 miles for medical transportation, and their insurance company reimbursed them $500 for the above expenses. Using the Medical and Dental Expenses portion of Schedule A of Form 1040 from Appendix F, calculate the
Murphy's medical expense deduction.
If required, round any amount to the nearest dollar. Enter all amounts as positive numbers.
Caution: Do not include expenses reimbursed or paid by others.
Medical 1 Medical and dental expenses (see instructions)...
1
3,822 X
and
Dental
2 Enter amount from Form 1040 or 1040-SR, line 11
2
28,000 ✔
Expenses 3 Multiply line 2 by 7.5% (0.075)..
3
2,100
4 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0-
1,722 X
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