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Ms. Lincoln, age 51, paid $14,340 of medical expenses this year that were not reimbursed by her insurance provider. Compute the tax savings (benefits) for
Ms. Lincoln, age 51, paid $14,340 of medical expenses this year that were not reimbursed by her insurance provider. Compute the tax savings (benefits) for these expenses assuming that: a. Ms. Lincoln doesnt itemize deductions on her Form 1040. b. Ms. Lincoln itemizes deductions, her AGI is $48,300, and her marginal tax rate is 25 percent. c. Ms. Lincoln itemizes deductions, her AGI is $127,300, and her marginal tax rate is 28 percent.
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