3. In the current year, Wells paid the following expenses: Premiums on an insurance policy against loss
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3. In the current year, Wells paid the following expenses:
Premiums on an insurance policy against loss of earnings due to sickness or accident $3,000 Physical therapy after spinal surgery 2,000 Premium on an insurance policy that covers reimbursement for the cost of prescription drugs 500 In the current year, Wells recovered $1,500 of the $2,000 that she paid for physical therapy through insurance reimbursement from a group medical policy paid for by her employer. Disregarding the adjusted gross income percentage threshold, what amount could be claimed on Wells’s current-year income tax return for medical expenses?
a. $4,000
b. $3,500
c. $1,000
d. $500
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Related Book For
Essentials Of Taxation Individuals And Business Entities
ISBN: 233160
1st Edition
Authors: Nellen/Young/Raabe/Maloney
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