LO.2 For calendar year 2012, Jean was a self-employed consultant with no employees. She had $80,000 of

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LO.2 For calendar year 2012, Jean was a self-employed consultant with no employees.

She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on a policy covering 2012. How much of these premiums may Jean deduct as a deduction for AGI? How much may she deduct as an itemized deduction (subject to the 7.5% floor)?

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