Chapter 8 Assigned Homework

Chapter 8 Assigned Homework - Medical Expenses Nondependent...

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Unformatted text preview: Medical Expenses: Nondependent Parent 24. Oliver is able to claim the medical expenses paid for his father. The gross income dependency test is waived for the medical expense deduction. Medical Expense Computation 26. The medical expenses of the mother are included among Tom and Shannon’s medical expenses. Medicines and drugs . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300 Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 Hospital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 Doctor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,200 Cosmetic surgery (unnecessary). . . . . . . . . . . . . . . . . . . . . . 0 Mileage (400 × $.19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 Total medical expenses . . . . . . .. . . . . . . . . . . . . . . . . $4,176 Less 7.5% AGI . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . 2,625 Medical deduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,551 Medical Expense Computation 27. Medicines and drugs . . . . . . . . . . . . . . . . . . . . . . .. . .. . $300 Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 400 Other medical (after reimbursement) ($3,476 − 2,100). . . . 1,376 Total medical . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,076 Less 7.5% AGI.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,625 Medical deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 Tax Expenses Deduction 28. $6,000. The taxpayer cannot deduct either of the sales taxes, the license plate fee, or the federal income tax. . Qualified Student Loan Interest 31. There is a $2,500 maximum deduction for AGI in 2008, and no reduction in that maximum occurs because AGI is not more than $55,000....
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Chapter 8 Assigned Homework - Medical Expenses Nondependent...

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