Question
cott is a self-employed plumber and his wife, Emily, is a full-time employee for a university. Emily has health insurance from a qualified plan provided
cott is a self-employed plumber and his wife, Emily, is a full-time employee for a university. Emily has health insurance from a qualified plan provided by the university, but Scott has chosen to purchase his own health insurance rather than participate in Emily's plan. Besides paying $5,480 for his health insurance premiums, Scott also pays the following expenses associated with his plumbing business:
Plumbing tools and supplies $ 1,380 Rent on Scott's plumbing shop 6,330 Transportation between Scott's shop and various jobsites 580 Plumber's uniform 50 Plumbing truck rental 7,280 Self-employment tax (half is employer share) 480
What is the amount of deductions for AGI that Scott can claim this year (2020)?
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