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?
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Reggie, who is 55, had AGI of $20,400 in 2017. During the year,
he paid 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
Problem 5-51 (LO 5-1) Reggie, who is 55, had AGI of $32,000 in 2019. During the...
Problem 5-51 (LO 5-1) 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 $ 580 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
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
In 2018, David, age 66, had adjusted gross income of $27,000. During the year he paid...
In 2018, David, age 66, had adjusted gross income of $27,000. During the year he paid the following medical expenses: Prescription medicines $275Doctors $1350 Health insurance premiums insurance $400 Two pairs of eyeglasses $185 What amount can David deduct as medical expenses (after the adjusted gross income limitation) in calculating his itemized deductions for 2018? A $2710 b $2025 c $185 d $0
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...
This year Evan graduated from college and took a job as a deliveryman in the city....
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
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
Problem 5-51 (LO 5-1) 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 $ 580 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
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...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
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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