Question

Bill, age 65 has 2020 unreimbursed medical expenses totalling $20,000 and an adjusted gross income of $170,000. How much of those medical expenses can he deduct?

Answer 1

Answer:

$7,250

Explanation:

You can deduct medical expenses that exceed 7.5% of your AGI (changes, but is currently at this level).

170,000 x .075 = 12,750

20,000 - 12,750 = $7,250

I hope this helps!

-TheBusinessMan