Last year Mark\'s taxable income was $54,900 and his wife Jeanien had taxable in

Question

Last year Mark's taxable income was $54,900 and his wife Jeanien had taxable income of $62,450. Mark and Jeanien did not have medical insurance and during the year they incurred the following medical expenses; Mark had medical expenses totaling $2,125 and Jeanien had $1,825 of medical expenses. The medical expenses tax credit threshold is $2,109. Who should take advantage of the medical tax credit? o Mark should use his medical expenses for a medical expense tax credit and Jeanien should use her o Jeanien should combine Mark's medical expenses with her own medical expenses and claim a o Mark should combine Jeanien's medical expenses with his own medical expenses and claima o Neither Mark nor Jeanien can claim the medical tax credit. medical expenses for a medical expense tax credit. medical expense tax credit. medical expense tax credit.

Explanation / Answer

The correct answer is option a as both Mark and Jeanien will be able to claim medical expenses tax credit and save a combined amount of $2109 for Mark and $1825 for jeanien = $3934

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