Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Surgical fees will be quality as a deductible medical expense U E app 10% AGI)? a. So b. $6,000 C $9,000 d $15,000 e None

image text in transcribed
Surgical fees will be quality as a deductible medical expense U E app 10% AGI)? a. So b. $6,000 C $9,000 d $15,000 e None of the above 19. Fred and Lucy are married, have AG of $120 2018 The have four dependents and file a joint return. They pay 35,000 for a high deductible health insurance policy and contribute 52.600 to a qualified health savings account. During the eyar, they paid $9.200 in doctor and dentist hills and hospital expenses and $3,000 for prescribed medicine and drugs. In October 2018, they received an insurance reimbursement of $4,400 for the hospitalization. They expect to receive an additional reimbursement of $1.000 in Lanuary 2019. Determine the maximum itemized deduction allowable for medical expenses in 2018 A $800 B. $3,800 C. $9,200 D. $12.800 E. None of the above 20. Joe, age 66, developed hip problems and was unable to climb the stairs to reach his 2nd floor bedroom. His physician advised him to add a first floor bedroom to his home. The cost of constructing the room was $32,000. The increase in the value of the residence was a result of the room addition was determined to be $17,000. In addition, Joe paid the contractor $5,500 to construct an entrance ramp to his home and $8.500 to widen the hallways to accommodate his wheelchair. Joe's AGI for 2018 was $75,000. How much of these expenditures can Joe deduct as a medical expense in 2018? a. $14,000 b. $15,000 C. $23,375 d. $29,000 e. None of the above 21. Tom, age 48, is advised by his family physician that he needs back surgery to correct a problem from his last back surgery. Since Tom is in a wheel chair, he needs his wife Jean to accompany him on the trip for the procedure. Tom incurred the following cost in 2018: Road-trip air faire ($350 each) $700 Jean's hotel for 4 nights ($95 per night) $380 Jean's meals $105 Tom's medical treatment $3,500 Tom's prescription medicine Compute Tom's allowable medical expenses for this trip before application of the AGI floor a. $4,000 b. $5,000 c. $5,180 d. $5,285 c. None of the above $600 2. Your friend informs you that he received a "tax-free" reimbursement in 2018 of some medical expenses he paid in 2017. Which of the following statements best explains why he is not required to report the reimbursement in gross income? a. He itemized deductions in 2017 b. He did not itemize deductions in 2017 c. He itemized deductions in 2018 d. He did not itemize deductions in 2018 e. He itemized deductions in 2018 but did not in 2017

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions