s 22. 10.2 Emma Doyle is employed as a corporate attorney. For calendar year 2020, she...

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s 22. 10.2 Emma Doyle is employed as a corporate attorney. For calendar year 2020, she had AGI of $75,000 and paid the follow

December 2020 and received the reimbursement in January 2021. What is Emmas maximum allowable medical expense deduction for

business accounting

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Answer 1

Answer #1

Statement showing maximum allowable medical expense deduction

Client Name : Ms Emma

Year : 2020

AGI : $75000

Eligible medical expenses are as per following -

Sr.	Particulars	Amount $	Eligible Amt $	Remarks if any
1	Medical Insurance Premium	3700	3700
2	Doctor & Dentist bill of Emma's parents	6800	6800
3	Doctor & Dentist bills for Emma	5200	5200
4	Prescription Medicine for Emma	400	400
5	Nonprescription (insulin) medicines for Emma	350	350	Nonprescription medicines except Insulin are not allowed
	Total Medical Expenses[a]		16450
	Less reimbursement applied[b]		2800	Unreimbursed medical expenses are only allowed as deduction
	Eligibal medical expenses[a-b]		13650

But as per IRS medical expenses deductions are allowed at max 10% of AGI.

Emma's AGI is $75000 hence she is eligible to maximum of $ 7500 as deductions for medical expenses out of toal of $ 13650.

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Answer 2

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