For 2015, Betsy and Bob, ages 62 and 68, respectively, are married taxpayers who

Question

For 2015, Betsy and Bob, ages 62 and 68, respectively, are married taxpayers who file a join tax return with AGI of $48,000. During the year they incurred the following expenses:

Medical insurance premiums$3,000

Hospital bills (knee replacement for Bob)$2,300

Hospital bills (face lift for Betsy)$2,600

Doctor bills$750

Dentist bills$125

Eyeglasses$340

Acupuncture treatments (for Bob’s knee pain prior to his operation)$300

In addition, their insurance company reimbursed them $3,000 for the above expenses.

calculate Betsy and Bob’s deduction for medical and dental expenses for 2015

Explanation / Answer

Solution.

Acupuncture treatments (for Bob’s knee pain prior to his operation)$300

Eyeglasses$340

Doctor bills$750

Dentist bills$125

Medical insurance premiums$3,000

Hospital bills (knee replacement for Bob)$2,300

These all are allowed as deduction as an medical expenses except "Hospital bills (face lift for Betsy)$2,600" because this is unnecessary cosmetic surgery.

A.G.I                              = $48,000

10 % Of AGI                   = $4,800

Allowed deduction           = $6,815

Deduct from AGI             = $6,815 - $4,800 = $2,015.

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