Marigold's AGI was $85,000 in 2022. She incurred the following expenses: Property taxes on primary residence Unreimbursed tooth extraction Mortgage interest on primary residence Homeowner's association dues Acupuncture treatments for chronic migraines Political contribution to the Independent ABC Party Interest on credit card Gym membership $5,000 $1,200 $9,275 $1,000 $1,000 $100 $275 $475 Based on the information provided, what is the amount of expenses Marigold can deduct as an itemized deduction on Schedule A?
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- Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.During 2019, Susan incurred and paid the following expenses for Beth (her daughter), Ed (her father), and herself:Surgery for Beth $4,500Red River Academy charges for Beth: Tuition 5,100Room, board, and other expenses 4,800Psychiatric treatment 5,100Doctor bills for Ed 2,200Prescription drugs for Susan, Beth, and Ed 780Insulin for Ed 540Nonprescription drugs for Susan, Beth, and Ed 570Charges at Heartland Nursing Home for Ed: Medical care 5,000Lodging 2,700Meals 2,650Beth qualifies as Susan’s dependent, and Ed would also qualify except that he receives $7,400 of taxable retirement benefits from his former employer. Beth’s psychiatrist recommended Red River Academy because of its small classes and special-ized psychiatric treatment program that is needed to treat Beth’s illness. Ed, who is a paraplegic and diabetic, entered Heartland in October. Heartland offers the type of care that he requires.Upon the recommendation of a physician, Susan has an air filtration system installed in her…Rebecca and Irving incur the following medical expenses during 2020: Medical insurance premiums $4,505 Hospital 970 Doctors 1,885 Dentist 600 Veterinarian 165 Chiropractor 230 Cosmetic surgery 1,555 Over-the-counter drugs 150 Prescription drugs 195 Crutches 100 They receive $4,125 in reimbursements from their insurance company of which $270 is for the cosmetic surgery. Refer to Exhibit 8-2 to answer the following questions. If an amount is zero, enter "0". What is their medical expense deduction if their adjusted gross income is the following: a. Adjusted gross income of $42,000. Their medical expense deduction is $ b. Adjusted gross income of $71,000. Their medical expense deduction is $
- Medical Expense DeductionAdam's AGI for the year 2020 is $100,000. Adam is single and age 58.Adam incurred the following medical expenses:Medical Insurance $ 7,200Hospital & Doctors 14,500Dentists 5,400Rx Drugs 2,200Visit to local Spa(Prescribed by friend to relieve stress) 1,500Vitamins and herbs to maintain good health 600Insurance Reimbursement 8,000Required:Compute Adam's medical expense deduction for 2020.Jewel Lyman is an employee in the office of Salvaggio & Wheelers, Attorneys at Law. She received the following benefits during 2018: Medical insurance: $250 per month . Commuter pass: $500 per year Employer-paid membership to Anytime Gym: $75 per year Dependent care assistance: $3,600 per year Required: What is the total taxable amount for Jewel's 2018 benefits? Answer is complete but not entirely correct. Total taxable amount $6750Sab's 2020 medical expenses include the following: Medical premiums $12,000 Doctors fees 1,800 Hospital fees 1,250 Prescription drugs 750 Facelift for cosmetic purposes 7,500 General purpose vitamins 125 Saba's AGI for the year is $45,000. She is single and age 58. None of the medical costs are reimbursed by insurance. After considering the AGI floor, Saba's medical expense deduction is A) $12,425. B) $12,550. C) $14,675. D) $20,050
- In 2023, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax return with AGI of $28,000. During the year they incurred the following expenses: Medical insurance premiums Premiums on an insurance policy that pays $100 per day for each day Margaret is hospitalized Medical care lodging (two people, one night) Hospital bills Herbal supplements Dentist bills $1,200 400 160 2,500 75 250 Prescription drugs and medicines Cosmetic surgery 360 400 In addition, they drove 122 miles for medical transportation, and their insurance company reimbursed them $500 for the above expenses. Using the Medical and Dental Expenses portion of Schedule A of Form 1040 from Appendix F, calculate the Murphy's medical expense deduction. If required, round any amount to the nearest dollar. Enter all amounts as positive numbers. Caution: Do not include expenses reimbursed or paid by others. Medical 1 Medical and dental expenses (see instructions). 1 3,822 X and 2 Enter amount from…Dotty, age 40, incurred and paid for the following items this year: Doctor visits for allergy treatments $4,300 Eyeglasses 300 Medical insurance premiums 2,700 She received insurance reimbursements of $3,000 and her AGI was $20,000. What is her maximum allowable medical expense deduction for the current year? (For this problem, medical expenses in excess of 10% of AGI are deductible) O $7,300 O $4,300 O $2,300 O $2,000 ****In 2022, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax return with AGI of $27,507. During the year they incurred the following expenses: Medical insurance premiums $1,200 Premiums on an insurance policy that pays $100 per 400 day for each day Margaret is hospitalized Medical care lodging (two people, one night) Hospital bills Herbal supplements Dentist bills Prescription drugs and medicines Cosmetic surgery 160 2,500 75 250 360 400 In addition, they drove 122 miles (all before June 30) for medical transportation, and their insurance company reimbursed them $500 for the above expenses. On the following segment of Schedule A of Form 1040, calculate the Murphy's medical expense deduction. If required, round any amount to the nearest dollar. Enter all amounts as positive numbers. Caution. Do not include expenses reimbursed or paid by others. Medical 1 Medical and dental expenses (see instructions) 1 and Dental Expenses 2 Enter amount from Form 1040…
- Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2021 Home acquisition debt interest Credit card interest Home equity loan interest (used for home improvement) Investment interest expense Mortgage insurance premiums (PMI) Required: $ 11,250 3,500 5,525 9,000 1,000 With 2021 net investment income of $1,125, calculate the amount of their allowable deduction for investment interest expense and their total deduction for allowable interest. Home acquisition principal and the home equity loan principal combined are less than $750,000. Deduction for investment interest expense Total deduction for allowable interest AmountsIn 2022, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax return with AGI of $27,507. During the year they incurred the following expenses: Medical insurance premiums Premiums on an insurance policy that pays $100 per day for each day Margaret is hospitalized Medical care lodging (two people, one night) Hospital bills Herbal supplements Dentist bills Prescription drugs and medicines Cosmetic surgery $1,200 400 Medical 1 Medical and dental expenses (see instructions). and Dental Expenses 160 2,500 75 In addition, they drove 122 miles (all before June 30) for medical transportation, and their insurance company reimbursed them $500 for the above expenses. On the following segment of Schedule A of Form 1040, calculate the Murphy's medical expense deduction. If required, round any amount to the nearest dollar. Enter all amounts as positive numbers. 250 360 400 Caution. Do not include expenses reimbursed or paid by others. 2 2 Enter amount from Form 1040…In 2022, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax return with AGI of $27,507. During the year they incurred the following expenses: Medical insurance premiums Premiums on an insurance policy that pays $100 per day for each day Margaret is hospitalized Medical care lodging (two people, one night) Hospital bills Herbal supplements Dentist bills Prescription drugs and medicines Cosmetic surgery $1,200 400 Medical 1 Medical and dental expenses (see instructions) and Dental Expenses 160 2,500 75 2 250 360 In addition, they drove 122 miles (all before June 30) for medical transportation, and their insurance company reimbursed them $500 for the above expenses. On the following segment of Schedule A of Form 1040, calculate the Murphy's medical expense deduction. If required, round any amount to the nearest dollar. Enter all amounts as positive numbers. 400 Caution. Do not include expenses reimbursed or paid by others. 2 Enter amount from Form 1040…
