1. The amount of her exclusion :
=cost of service- amount received from medicine
=$44,200 - $21,300
= $23,100
Working :
Daily statutory amount = $370 * 120
= $44,400
2. The amount included in her gross income :
= long term benefits- amount of exclusion
$15,000 - $23,100
= $,(8,100)
=$0
Franklin spent 120 days of 2019 in a nursing home. The cost of the services provided...
Belinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her was $18,000 ($300 per day). Medicare paid $8,500 toward the cost of her stay. Belinda also received $5,500 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $370. What is the amount of her exclusion?
Problem 5-40 (Algorithmic) (LO. 2) Janice spent the last 70 days of 2020 in a nursing home. The cost of the services provided to her was $21,000 ($300 per day). Medicare paid $12,000 toward the cost of her stay. Janice also received $14,360 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $380. If the amount is zero, enter 0. What is the effect on Janice's gross income? The amount of...
Problem 5-40 (Algorithmic) (LO. 2) Janice spent the last 70 days of 2020 in a nursing home. The cost of the services provided to her was $21,000 ($300 per day). Medicare paid $12,000 toward the cost of her stay. Janice also received $14,360 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $380. If the amount is zero, enter 0. What is the effect on Janice's gross income? The amount of...
Richard is a patient in a nursing home for 45 days of 2020. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Richard receives $15,000 from his long term care insurance policy, which pays while he is in the facility. Assume that the federal daily excludible amount for Richard is $380. Of the $15,000 what amount may Richard exclude from his gross income?
Valentino is a patient in a nursing home for 57 days of 2020. While in the nursing home, he incurs total costs of $25,992. Medicare pays $15,595 of the costs. Valentino receives $28,591 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $380. Of the $28,591, what amount may Valentino exclude from his gross income?
Valentino is a patient in a nursing home for 51 days of 2020. While in the nursing home, he incurs total costs of $23,256. Medicare pays $13,954 of the costs. Valentino receives $25,582 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $380. Of the $25,582, what amount may Valentino exclude from his gross income?
Tax Drill - Long-term Care Insurance Valentino is a patient in a nursing home for 45 days of 2020. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his long-term care Insurance policy, which pays while he is in the facility. Assume that the daily federal statutory amount for Valentino is $380. Valentino may exclude $ 7,700 X of the $15,000 from his gross income.
11. For Medicare to cover the cost of care in the home, certain conditions must be met. These conditions include all of the following EXCEPT: (Search Chapter 3) a. The care must be certified as medically necessary. b. The care must be provided by a Medicare-certified home health agency. c. The patient must be homebound. d. The level of needed care must be custodial. 12. Which Medigap policy plan provides coverage for long-term custodial care? (Search Chapter 3) a. Plan...
Indicate whether the following information is included on the 2019 1040 tax return as Gross Income or excluded from the 2019 1040 tax return. Indicate the specific amount included or excluded. Item $ Included as Gross Income $ Excluded from Gross Income Earned $45,000 of gross wages from an employer. Received a gift from a grandparent of $10,000 cash. Received a $5,000 signing bonus from an employer. Received child support in the amount of $12,000. Employer-paid health insurance premiums amounted...
Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the life of its 45-year-old vice-president, Warren. The annual cost per $1,000 of coverage for a person aged 45 to 49 is $1.80. If Warren has paid $25 toward the cost of the insurance, what is the cost of hte policy includible in Warren's gross income? 1) $278.00 2) $144.00 3) $54.00 4) $29.00 5) $0 Question 2 During 2019, Edward East had wages of...