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Problem 5-51 (LO 5-1) Reggie, who is 55, had AGI of $32,000 in 2019. During the...
Reggie, who is 55, had AGI of $32,000 in 2019. During the year, he paid the...
Reggie, who is 55, had AGI of $32,000 in 2019. During the year, he paid the following medical expenses: Drugs (prescribed by physicians) Marijuana (prescribed by physicians) Health insurance premiums-after taxes Doctors' fees Eyeglasses Over-the-counter drugs 500 1,400 850 1,250 375 200 Required: Reggie received $500 in 2019 for a portion of the doctors' fees from his insurance. What is Reggie's medical expense deduction? Medical expense deduction $ 3,125
Reggie, who is 55, had AGI of $20,400 in 2017. During the year, he paid the...
Reggie, who is 55, had AGI of $20,400 in 2017. During the year, he paid the following medical expenses: Drugs (prescribed by physicians) $ 210 Marijuana (prescribed by physicians) 1,410 Health insurance premiums–after taxes 860 Doctors’ fees 1,260 Eyeglasses 385 Over-the-counter drugs 210 Reggie received $510 in 2017 for a portion of the doctors’ fees from his insurance. What is Reggie’s medical expense deduction?
ie is divorced and 45 years old. In 2017, he had AGI of $55,000. During the...
ie is divorced and 45 years old. In 2017, he had AGI of $55,000. During the year, he incurred and 5) Regg paid the following medical costs Doctor and dentist fees Prescription medicines Medical care insurance premiums Health club fee Crutches for a sprained ankle S 1,950 275 340 600 50 What is Reggie's medical expense deduction (after application of the adjusted gross income limitation) for his 2017 tax return? A) $0. B) $2,615. C) $3,215. D) $4,125
Using 2019 IRS forms and the information below, William is 53 and Joyce is 51. They...
Using 2019 IRS forms and the information below, William is 53 and Joyce is 51. They are married. William is a manager for ABC Corporation, a firm that manufactures and distributes widgets. Joyce is a self-employed author of children’s books. The taxpayer wish to minimize their tax by deferring income and accelerating deductions when possible. 1. The taxpayers incurred the following medical expenses before receiving $700 reimbursement from their health insurance policy: Medical Premiums $4,000 Doctors $1,000 Chiropractor $ 600...
Aaron, single, age 43, had AGI of $60,000 for 2019. He paid the following medical expenses...
Aaron, single, age 43, had AGI of $60,000 for 2019. He paid the following medical expenses in 2019: Hospital expenses - skiing accident $5,600 Doctor bills & Prescriptions 1,400 Surgeon to get a nose job (not related to skiing injury) 5,000 Medical expenses he paid for his child (claimed by his former wife as a dependent). 1,200 Nursing care expenses for Aaron’s dependent Father, including $600 for cable TV for his room. 6,000 Medical and dental premiums (his share), deducted...
Medical Expenses (LO 5.6) In 2018, Margaret and John Murphy (age 66 and 68, respectively) are married taxpayers who file a joint tax return with AGI of $25,400. During the year they incurred the foll...
Medical Expenses (LO 5.6) In 2018, Margaret and John Murphy (age 66 and 68, respectively) are married taxpayers who file a joint tax return with AGI of $25,400. During the year they incurred the following expenses: Medical insurance premiums $1,150 400 Premiums on an insurance policy that pays $100 per day for each day Margaret is hospitalized Medical care lodging (two people, one night Hospital bills Doctor bills Dentist bills Prescription drugs and medicines Psychiatric care 65 2,100 850 175...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) [The following information applies to the questions displayed below.] Reba Dixon is a fifth-grade school teacher who earned a salar...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,000 in 2018. She is 45 years old and has been divorced for four
years. She receives $1,200 of alimony payments each month from her
former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments...
Tony and Jeannie Nelson are married and file a joint return. They have four children whose...
Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 12,15,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2019 and lives with his wife, Jane. The 19-year old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...
Reggie, who is 55, had AGI of $32,000 in 2019. During the year, he paid the following medical expenses: Drugs (prescribed by physicians) Marijuana (prescribed by physicians) Health insurance premiums-after taxes Doctors' fees Eyeglasses Over-the-counter drugs 500 1,400 850 1,250 375 200 Required: Reggie received $500 in 2019 for a portion of the doctors' fees from his insurance. What is Reggie's medical expense deduction? Medical expense deduction $ 3,125
ie is divorced and 45 years old. In 2017, he had AGI of $55,000. During the year, he incurred and 5) Regg paid the following medical costs Doctor and dentist fees Prescription medicines Medical care insurance premiums Health club fee Crutches for a sprained ankle S 1,950 275 340 600 50 What is Reggie's medical expense deduction (after application of the adjusted gross income limitation) for his 2017 tax return? A) $0. B) $2,615. C) $3,215. D) $4,125
Medical Expenses (LO 5.6) In 2018, Margaret and John Murphy (age 66 and 68, respectively) are married taxpayers who file a joint tax return with AGI of $25,400. During the year they incurred the following expenses: Medical insurance premiums $1,150 400 Premiums on an insurance policy that pays $100 per day for each day Margaret is hospitalized Medical care lodging (two people, one night Hospital bills Doctor bills Dentist bills Prescription drugs and medicines Psychiatric care 65 2,100 850 175...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,000 in 2018. She is 45 years old and has been divorced for four
years. She receives $1,200 of alimony payments each month from her
former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments...
Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 12,15,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2019 and lives with his wife, Jane. The 19-year old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with...
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