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Aleonysh [2.5K]
3 years ago
10

Your friend Scotty informs you that in 2019 he received a tax-free reimbursement of some medical expenses he paid in 2018. Which

of the following statements best explains why Scotty is not required to report the reimbursement in gross income? a.Scotty itemized deductions in 2018. b.Scotty itemized deductions in 2019. c.Scotty did not itemize deductions in 2018. d.Scotty did not itemize deductions in 2019. e.Scotty itemized deductions in 2019 but not in 2018.
Business
1 answer:
DanielleElmas [232]3 years ago
3 0

Answer:

c.Scotty did not itemize deductions in 2018

Explanation:

Itemized deductions can be defined as a form of eligible expenses in which individual taxpayers can claim on federal income tax returns which will in turn reduce their taxable income, and this is said to be often claimable in place of a standard deduction, only in a situation where it is available which is why ITEMIZED DEDUCTIONS are expenses that are allowed by the IRS that can decrease your taxable income because when an individual itemize on his or her tax return, such individual can opt to pick and choose from the multitude of individual tax deductions out there instead of taking the flat-dollar standard deduction.

Therefore based on the Scotty scenario the statements that best explains why Scotty is not required to report the reimbursement in gross income is :Scotty did not itemize deductions in 2018

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d

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26. Which of the following best describes an entrepreneur? A) a person who forms and operates a business B) a person who invests
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A) a person who forms and operates a business

Explanation:

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I hope my answer helps you.

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3 years ago
How have newer work models made the workplace more efficient?
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Explanation:

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8 0
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