Problem 10-30 (Algorithmic) (LO. 2) In the current year, Roger pays a $7,300 pre

Question

Problem 10-30 (Algorithmic) (LO. 2) In the current year, Roger pays a $7,300 premium for high-deductible medical insurance for him and his family. In addition, he contributed $6,205 to a Health Savings Account. a. How much may Roger deduct if he is self- employed and earned $86,800? Is the deduction for AGI or from AGI? If Roger is self-employed, he may deduct $ 13,505 for AGI Feedback Check My Work Qualifying individuals may make deductible cor administered by a qualified HSA trustee, which b. How much may Roger deduct if he is an employee (disregarding 10% AGI floor implications)? If Roger is an employee, he may deduct $ for AGI and $ from AGI if he itemizes his deductions

Explanation / Answer

a) If Roger is self employed he may deduct both premium for high deductible medical insurance and contribution to Health savings account for AGI. Thus he may deduct amount of $13,505 ($7,300+$6,205) for AGI.

b) If Roger is an employee, he may deduct contribution to Health savings account for AGI and premium for high deductible medical insurance from AGI if he itemizes his deductions. Therefore he may deduct $6,205 for AGI and $7,300 from AGI if he itemizes deductions.

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