Chapter 8Ch. 8: Question 26Tom and Shannon’s medical expense deduction for the year is $4,768. I found this by calculating the following:Hospital costs$3,200Doctor’s bills4,200 ($1,600 + $2,600)Medicine and drugs1,800 ($ 800 + $1,000)Hospitalization insurance premiums4,000Cosmetic surgery0Mileage68(400 miles * $0.17)Total medical expenses$13,268Less: 10% AGI8,500($85,000 * 10%)Medical Deduction$4,768Ch. 8: Question 40Mark can reduce $18,000 as contributions if he does not elect to reduce the fair market
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Accounting, Physician, medical expense deduction, total medical expenses, Hospitalization insurance premiums