Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

. Carl, age 46, and Monica, age 42, are married and will fle a joint return. . They have two children, Adriane and Robert, whom

image text in transcribed
image text in transcribed
image text in transcribed
. Carl, age 46, and Monica, age 42, are married and will fle a joint return. . They have two children, Adriane and Robert, whom they will claim as dependents on their joint return . Monica's cousin, Michael (age 29), came to live with them in July 2017. Michael's gross income was $4,300 Monica and Carl did not provide over one-haif of Michael's support for the year but did pay $600 of Michael's medical bills in November 2017 . Carl was enrolled all year in an HDHP with family coverage . Carl has had an HSA for four years. He has no other health insurance . In 2017, Carl made regular contributions to his HSA totaling $4,000 . In 2017, Carl took $1,800 from his HSA to pay the following medical expenses: . $300 to purchase Monica's eyeglasses (needed for medical reasons) . $725 for long-term care insurance for Car. . $250 for over-the-counter eye medicine for their son, Robert (no prescription from doctor). $525 for Adriane's physical therapy sessions . Carl, Monica, Adriane, Robert, and cousin Michael are all U.S. citizens and have valid Social Security numbers 9. The adjustment to income on Form 1040, line 25 for Carl's HSA deduction is: A $1,800 OB. $3,400 OC. $4,000 $6,750

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions