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Sammy and Monica, both age 67, incur and pay medical expenses in excess of insur

ID: 2562162 • Letter: S

Question

Sammy and Monica, both age 67, incur and pay medical expenses in excess of insurance reimbursements during the year as follows.

Sammy and Monica's AGI is $130,000. They file a joint return. Chuck and Carter are Sammy and Monica's dependents.

What is Sammy and Monica's medical expense deduction for regular income tax purposes?

Sammy and Monica's medical expense deduction for regular income tax purposes is $ __________.

For Monica (spouse) For Chuck (son) For Carter (Monica's father) $16,000 4,000 2,500 5,000

Explanation / Answer

All medical expenses are eligible for medical deduction. Medical Expense Deduction = $27,500 - ($130,000 X 7.50%) Medical Expense Deduction = $27,500 - $9,750 Medical Expense Deduction = $17,750

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