Question
Simpson is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $57,000 and has incurred the following medical
Simpson is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $57,000 and has incurred the following medical expenses:
Dentist charges | $ | 1,215 |
Physician's charges | 2,165 | |
Optical charges | 935 | |
Cost of eyeglasses | 660 | |
Hospital charges | 2,300 | |
Prescription drugs | 455 | |
Over-the-counter drugs | 895 | |
Medical insurance premiums (not through an exchange) | 1,045 | |
|
a. Calculate the amount of medical expenses that will be included with Simpsons itemized deductions after any applicable limitations.
b. Suppose that Simpson was reimbursed for $640 of the physician's charges and $1,495 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpsons itemized deductions after any applicable limitations.Calculate how much Dan can deduct for taxes as an itemized deduction this year.
Calculate how much Dan can deduct for taxes as an itemized deduction this year.
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