which of the following costs are deductible as an itemized medical expense? A. The cost of...
which of the following costs are deductible as an itemized medical expense? A. The cost of prescription medicine. B. Medical expenses for procedure that is even illegal in the locality.
C. The cost of elective cosmetic surgery. D. Medical expenses reimbursed by health insurance. E. None of these costs is deductible.
Homework Answers
The correct answer is option A, that is "The cost of Prescription medicine" is deductible as an itemized medical expense
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which of the following costs are deductible as an itemized
medical expense? A. The cost of...
Itemized Deductions (LO. 4) Rebecca and Irving incur the following medical expenses during 2018: Medical insurance...
Itemized Deductions (LO. 4) Rebecca and Irving incur the following medical expenses during 2018: Medical insurance premiums $4,655 Hospital 970 Doctors 2,035 Dentist 595 Veterinarian 200 Chiropractor 225 Cosmetic surgery 1,405 Over-the-counter drugs 160 Prescription drugs 195 Crutches 110 They receive $3,815 in reimbursements from their insurance company of which $295 is for the cosmetic surgery. Refer to Exhibit 8-2 to answer the following questions. What is their medical expense deduction if their adjusted gross income is the following: a....
Thank you. Frieda is 67 years old and deaf. If Frieda files as a head of...
Thank you.
Frieda is 67 years old and deaf. If Frieda files as a head of household, what amount of standard deduction can she claim in 2020? Use Exhibit 6-12. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Multiple Choice $12,400 $14,050 $18,650 $19,950 O $20,300 EXHIBIT 6-12 Standard Deduction Amounts* Filing Status Married filing jointly Head of household Single Married filing separately 2019 Amounts Basic Standard Deduction Additional Standard Deduction for Age...
a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after...
a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Medical expenses b. Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Medical expenses Required information [The following information applies to the questions displayed below. Simpson, age 45, is a single individual who is employed...
Charlotte incurred health related expenses in 2018. Which if the following is deductible as medical expenses?...
Charlotte incurred health related expenses in 2018. Which if the following is deductible as medical expenses? toothpaste and dental floss for cavity prevention breast augumentation medical insurance premiums paid with post tax dollars medical insurance premiums paid under an IRC 125 plan
Hilda had gross income of $62,000, a deductible IRA contribution of $2,000, medical expenses of $5,000,...
Hilda had gross income of $62,000, a deductible IRA contribution of $2,000, medical expenses of $5,000, mortgage interest paid of $5,500, and other itemized deductions of $3,000 this year. What is the total of her itemized deductions for this year? a. $7,800. b. $8,500. c. $13,500. d. $15,500. e. None of the above.
Which of the following statements concerning Medical Savings Accounts (MSAs) and Health Savings Accounts (HSAs) is...
Which of the following statements concerning Medical Savings Accounts (MSAs) and Health Savings Accounts (HSAs) is correct? MSA and HSA contributions are permitted to be claimed as a medical expense on the taxpayer's Schedule A (Itemized Deductions). Retired taxpayers enrolled in Medicare can use HSAs to generate tax benefits for out of pocket medical costs Taxpayers who use MSAs and HSAs convert below the line deductions into above the line deductions. MSAs can be created by anyone who has a...
1) Which of the following is NEVER deductible on Schedule A? A) Home mortgage interest paid...
1) Which of the following is NEVER deductible on Schedule A? A) Home mortgage interest paid on a second home. B) Interest paid on money borrowed to buy stock for an investment portfolio. C) "Points" paid in advance at the time of securing a mortgage for a taxpayer's main residence. D) Credit card interest paid on personal purchases 2) A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families. To claim...
Which of the following is a deductible miscellaneous itemized deduction? gambling losses to the extent of...
Which of the following is a deductible miscellaneous itemized deduction? gambling losses to the extent of gambling winnings. fees for investment advice. employee business expenses. tax preparation fees. All of the choices are true.
8. Terms of payment for medical expense plans But I Paid My Premiums! Besides possibly paying...
8. Terms of payment for medical expense plans But I Paid My Premiums! Besides possibly paying the premiums for a medical insurance plan, the insured is almost always responsible for making other, out-of-pocket payments. This practice helps keep overall costs down for both insureds and the insurance companies and ensures that insureds are infor about the costs of health care. med For each of the following scenarios, select which type of other cost or provision is illustrated. Skylar has had...
4. Investment interest expense which is disallowed because it exceeds the taxpayer's net investment income may...
4. Investment interest expense which is disallowed because it exceeds the taxpayer's net investment income may be carried over and treated as incurred in subsequent years True or False? 6. In what cases are medical insurance premiums paid by an individual not deductible as qualified medical expenses? A. If the premiums cover more than just health care or long-term care for the chronically ill, (i.e. coverage for loss of income or life) and the cost of the separate items are...
Thank you.
Frieda is 67 years old and deaf. If Frieda files as a head of household, what amount of standard deduction can she claim in 2020? Use Exhibit 6-12. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Multiple Choice $12,400 $14,050 $18,650 $19,950 O $20,300 EXHIBIT 6-12 Standard Deduction Amounts* Filing Status Married filing jointly Head of household Single Married filing separately 2019 Amounts Basic Standard Deduction Additional Standard Deduction for Age...
a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Medical expenses b. Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Medical expenses Required information [The following information applies to the questions displayed below. Simpson, age 45, is a single individual who is employed...
Which of the following statements concerning Medical Savings Accounts (MSAs) and Health Savings Accounts (HSAs) is correct? MSA and HSA contributions are permitted to be claimed as a medical expense on the taxpayer's Schedule A (Itemized Deductions). Retired taxpayers enrolled in Medicare can use HSAs to generate tax benefits for out of pocket medical costs Taxpayers who use MSAs and HSAs convert below the line deductions into above the line deductions. MSAs can be created by anyone who has a...
8. Terms of payment for medical expense plans But I Paid My Premiums! Besides possibly paying the premiums for a medical insurance plan, the insured is almost always responsible for making other, out-of-pocket payments. This practice helps keep overall costs down for both insureds and the insurance companies and ensures that insureds are infor about the costs of health care. med For each of the following scenarios, select which type of other cost or provision is illustrated. Skylar has had...
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