Valentino is a patient in a nursing home for 53 days of 2022. While in the nursing home, he incurs total costs of $24,804. Medicare pays $14,882 of the costs. Valentino receives $27,284 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 $390. Of the $27,284, what amount may Valentino exclude from his gross income?
Valentino is a patient in a nursing home for 53 days of 2022. While in the nursing home, he incurs total costs of $24,804. Medicare pays $14,882 of the costs. Valentino receives $27,284 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 $390. Of the $27,284, what amount may Valentino exclude from his gross income?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Valentino is a patient in a nursing home
for 53 days of 2022. While in the nursing
home, he incurs total costs of $24,804.
Medicare pays $14,882 of the costs.
Valentino receives $27,284 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 $390. Of the $27,284,
what amount may Valentino exclude
from his gross income?
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