Question
During 2020, Brian, who is self-employed, made 12 monthly payments of $1,100 for an HSA contract that provides medical insurance coverage with a $7,100 deductible.
During 2020, Brian, who is self-employed, made 12 monthly payments of $1,100 for an HSA contract that provides medical insurance coverage with a $7,100 deductible. The plan covers Brian, his wife, and two children, Ellie and Arron for which they provide more than 50% of support. In addition, Ellie is a full time law student and she received a scholarship of $7,500 for tuition from her law school. Aaron, their son currently resides in France.
Brian pays for all of their medical bills. Of the $1,100 monthly fee, $578 was for the high-deductible policy and $522 was deposited into an HSA. How much can Brian deduct from AGI? Round you answer to the nearest dollar.
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