Chapter 8
Ch. 8: Question 26
Tom and Shannon’s medical expense deduction for the year is $4,768. I found this by
calculating the following:
Hospital costs
$3,200
Doctor’s bills
4,200
($1,600 + $2,600)
Medicine and drugs
1,800
($
800 + $1,000)
Hospitalization insurance premiums
4,000
Cosmetic surgery
0
Mileage
68
(400 miles * $0.17)
Total medical expenses
$13,268
Less: 10% AGI
8,500
($85,000 * 10%)
Medical Deduction
$4,768
Ch. 8: Question 40
Mark can reduce $18,000 as contributions if he does not elect to reduce the fair market
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- Fall '14
- fabioambrosio
- Accounting, Physician, medical expense deduction, total medical expenses, Hospitalization insurance premiums
