Reggie is 55, had a AGI of 31200 in 2021. During the year, he paid the following medicalexpenses Drugs (prescribed by physicians) $520 Health I insurance premium after taxes$1420 Doctor's fees $1270 Eyeglasses $395 Over counter drugs $220 Reggies received$520 in 2021 for a portion of the Dr. fees from his insurance. What is Reggie's medicalexpenses deduction?

To determine Reggie's medical expense deduction, we need to follow the IRS rules for medical expense…

Answered: Reggie is 55, had a AGI of 31200 in…

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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Similar questions

Amanda paid $6,120 for medical insurance and had $4,230 in medical expenses last year. Her medical insurance covered 70% of these expenses. The IRS allows medical and dental expenses deductions for the amount that exceeds 7.5% of a taxpayer's adjusted gross income. If Amanda's adjusted gross income is $71,450, how much can she claim as a medical deduction?
Meghan paid $9,212 for medical insurance and also had $5,700 in medical expenses last year. Her medical insurance covered 80% of these expenses. The IRS allows medical and dental expense deductions for the amount that exceeds 7.5% of a taxpayer's adjusted gross income. If Meghan's adjusted gross income is $65,432, how much can she claim as a medical deduction?
Bradford's automobile insurance policy has a $1,400 deductible, with a $3,800 out-of-pocket limit and a 90/10 copay. This year, he was involved in a car accident, and was billed $10,800 in expenses. How much of this expense will Bradford be expected to pay out of his own pocket?
LO.2 Valentino is a patient in a nursing home for 45 days of 2020. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $380. Of the $15,000, what amount may Valentino exclude from his gross income?
Evan is single and has AGI of $277,300 in 2023. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following: Medical expenses (before the 7.5%-of-AGI limitation) Interest on home mortgage State income taxes Real estate taxes Charitable contributions $31,000 8,700 9,500 3,600 2,500 After all necessary adjustments are made, what is the amount of itemized deductions Evan may claim? Do not round intermediate calculations. Round medical deduction and final answer to the nearest dollar. Evan's total itemized deduction is $ 26,403
O's medical expenses paid during a 12-month period ending in the current year totaled $3,600. The medical expenses for O's 20-year- old son paid during the same 12-month period totaled $1,800. For the current year, O had net income of $120,000 and the son had net income of $6,000. What is the maximum federal medical expense credit? (Enter the amount as a positive number.) Sook
7
Ned is a head of household with a dependent son, Todd, who is a full-time student. This year Ned made the following expenditures related to Todd's support: Auto insurance premiums $ 1,700 Room and board at Todd’s school 2,200 Health insurance premiums (not through an exchange) 600 Travel (to and from school) 350 What amount can Ned include in his itemized deductions?
Max, age 28, is insured under an individual medical expense policy that is part of a preferred provider organization (PPO) network. The policy has a calendar- year deductible of $1,000, 75/25 percent coinsurance, and an annual out-of-pocket limit of $2,000. Max recently had outpatient arthroscopic surgery on his knee, which he injured in a skiing accident. The surgery was performed in an outpatient surgical center. Max incurred the following medical expenses. (Assume that the charges shown are the charges approved by Max s insurer and that all providers are in the PPO network.) Outpatient X-rays and diagnostic tests................................................ $800 Covered charges in the surgical center ................................................ $12,000 Surgeon s fee.............................................................................. $3,000 Outpatient prescription drugs............................................................ $400 Physical…
Please explain every step. Thank you
In 2019, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax return with AGI of $26,100. During the year they incurred the following expenses: Medical insurance premiums $1,300 Premiums on an insurance policy that pays $100 per day for each day Margaret is hospitalized 400 Medical care lodging (two people, one night) 65 Hospital bills 2,100 Doctor bills 850 Dentist bills 200 Prescription drugs and medicines 340 Psychiatric care 350 In addition, they drove 80 miles for medical transportation, and their insurance company reimbursed them $800 for the above expenses. On the following segment of Schedule A of Form 1040, calculate the Murphy’s medical expense deduction.
Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he makes a 401(k) contribution of 6% of gross pay and contributes 3% of gross pay to a dependent care flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $198,950.Total Medicare Tax = $

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