Belinda spent the last 60 days of 2019 in a nursing home. The cost of the...
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?
Homework Answers
If assumed that, daily excludible amount is $370, She received $300 per day. None of the amount received to her shall be included in income. So everything will be excluded for her.
Take excludible amount 370 and multiply by the 60 days. Then subtract the amount medicare paid. 13,700 is the answer
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Belinda spent the last 60 days of 2019 in a nursing home. The
cost of the...
Problem 5-40 (Algorithmic) (LO. 2) Janice spent the last 70 days of 2020 in a nursing...
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...
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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...
Franklin spent 120 days of 2019 in a nursing home. The cost of the services provided to him was $32,200. Medicare paid $21,300 toward the cost of his stay. Franklin also received $15,000 of benefits under a long-term care insurance policy he purchased. The 2019 per diem rate is $370. If the amount is zero, enter "0". Determine the amount of his exclusion. $ Determine the amount included in 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.
29. Hazel, who suffers from Alzheimer's disease, is a paticnt in a mursing home for the last 30 days off 2019. Wmie the nursing home, she incurs total costs of $7,600. Medicare pays $3,500 of the costs. Hazel receives 57,900 from her long-term care insurance policy, which pays while she is in the facility. How much of the S7,900 received from her long term care insurance policy must she inchude in income? a. $3,500 b. All $7,900 e. S0 d....
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