Nathan is itemizing deductions on his federal income tax return and had $5800 in his medical expenses last year. If his AGI was

Question

3 years ago

15

Nathan is itemizing deductions on his federal income tax return and had $5800 in his medical expenses last year. If his AGI was

$46,000, and if medical expenses are deductible to the extent that they exceed 7.5% of a taxpayer’s AGI, how much can Nathan deduct for medical expenses?

Mathematics

2 answers:

victus00 [196] · Answer 1 · 2022-02-07T23:49:24+03:00

victus00 [196]3 years ago

6 0

Multiply his AGI by 7.5% to find the amount medical needs to meet before deducting:

46,000 x 0.075 = $3,450

He can deduct any amount over $3450.

Subtract that from his medical total to find the amount he can deduct:

5800 - 3450 = 2350

He can deduct $2,350.

artcher [175] · Answer 2 · 2022-02-08T02:00:13+03:00

artcher [175]3 years ago

4 0

Answer:

2350

Step-by-step explanation: