Ethan is itemizing deductions on his federal income tax return and had $4200 in medical expenses last year. If his AGI was $39,0 00, and if medical expenses are deductible to the extent that they exceed 7.5% of a taxpayer's AGI, how much can Ethan deduct for medical expenses?
2 answers:
Answer:
The answer is $1275
Step-by-step explanation:
First we will find 7.5% of Ethan's income we will multiply 39000 by 0.075
= $2925
His total medical expense = $4200
We will subtract $2925 from this total medical expenses to know the deductible.
= $1275
Hence, Ethan's deductible will be $1275.
Ethan can deduct $1275 for medical expenses, as 7.5% of his AGI is $2925 (so from subtracting this amount from the total of his medical expenses $4200, and the result is the deductible excess = $1275).
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