From the itemized deductions (Schedule A) calculate the following: How much would the medical deductions amount...
From the itemized deductions (Schedule A) calculate the following:
How much would the medical deductions amount that you would put on line 4? You have $10,000 in medical deductions and your AGI (line 38 of 1040) is $60,000.
Homework Answers
For tax year 2019 the rate is 10% and for 2018 it was 7.5%. I am solving for both
2019
Deduction allowed will be
10,000 - (10% X 60,000) = $ 4,000
2018
Deduction allowed will be
10,000 - (7.5% X 60,000) = $ 5,500
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From the itemized deductions (Schedule A) calculate the
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