Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me out, Income tax is the subject. Thank you! Will give you a thumbs hp for your help! :) Ray and Zulal (employees

Please help me out, Income tax is the subject. Thank you! Will give you a thumbs hp for your help! :)
image text in transcribed
Ray and Zulal (employees at a store) are married, both under 65 , and have total AGI of $90,000 in 2022 . They have three dependents and file a joint return. Health insurance is not provided through their workplace. Ray and Zulal pay $20,000 for a high deductible health insurance policy and contribute $3,600 to a qualified Health Savings Account. During the year, they paid the following amounts for medical care: $10,000 for a hospital stay and $5,000 for prescribed medicine and drugs (the taxpayers used their HSA plan to pay for $3600 of these expenses and paid $11400 by personal check). In 2021, they received an insurance reimbursement of $4,500 for the hospitalization. Determine the maximum itemized deduction allowable for medical expenses in 2022

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Internal Control A Managers Journey

Authors: K. H. Spencer Pickett

1st Edition

0471402508, 978-0471402503

More Books

Students also viewed these Accounting questions

Question

Language in Context?

Answered: 1 week ago