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3 years ago

Sammy and Monica, both age 67, incur and pay medical expenses in excess of insurance reimbursements during the year as follows:

Business

1 answer:

Mademuasel [1]3 years ago

5 0

Answer:

The Sammy and Monica’s medical expense deduction for regular income tax purposes is $17,750.

Explanation:

For the purpose of regular income tax, the deduction pertaining to medical expenses are available up to the extent it exceeds 10% of AGI.

Deduction available = excess expenses incurred - 7.5% of AGI

= ($16,000 + 4,000 + 2,500 +5,000) - 7.5%*130000

= 27500 - 9.750

= $17,750

Therefore, The Sammy and Monica’s medical expense deduction for regular income tax purposes is $17,750.

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2 years ago

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Answer:

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Explanation:

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The complete question is attached below.

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