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For 2020, Betsy and Bob, ages 62 and 68, respectively, are married taxpayers who file a joint tax return with AGI of $50,000. During the
For 2020, Betsy and Bob, ages 62 and 68, respectively, are married taxpayers who file a joint tax return with AGI of $50,000. During the year they incurred the following expenses:
Medical insurance premiums, $3,200
Hospital bills (knee replacement for Bob), $4,400
Hospital bills (facelift for Betsy), $2,600
Doctor bills, $750
Dentist bills, $250
Prescription eyeglasses, $380
Acupuncture treatments (for Bob's knee pain prior to his operation), $300
In addition, their insurance company reimbursed them $3,100 for the above expenses.
Calculate Betsy and Bob's deduction for medical and dental expenses for 2020. Hint: Remember Medical expenses are subject to AGI limitation.
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