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Problem 10-25 (LO. 2) For calendar year 2019, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and
Problem 10-25 (LO. 2) For calendar year 2019, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2019. How much of these premiums may Jean deduct as a deduction for AGI? As an itemized deduction? If an amount is zero, enter "O". Self-employed persons can deduct 10 X % of their medical insurance premiums as a deduction for AGI in 2019. Thus, Jean may deduct $ 7,000 as a deduction for AGI and she may deduct $ 1,000 X as an itemized deduction (subject to the AGI floor)
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