In 2017, Charta, a single taxpayer with no dependents, was severely hu t in a fa

Question

In 2017, Charta, a single taxpayer with no dependents, was severely hu t in a fam accident ha a is 38 years old. The accident le cha tas legs 85% paralyzed. (Click the icon to view additionai information on expenses paid.) Charla has no other itemized deductions in either year. Requirement a. What is Charla's taxable income for 2017? Begin by calculating the qualifiled medical expense deduction for 2017. (lf a box is not used in the table leave the box empty, do not select a label or enter a zero) Medical expenses Less ID Qualified medical expense deduction Now caculate Charla's 2017 taxable income. Minus: Deductions from AGI Taxable income

Explanation / Answer

Calculation of taxable income of Charla's for: (A) (B) 2017 2018 10% of AGI 3800 4300 Cost of pool 25000 0 Excess cost of pool over increadsed value of home 930 1060 Hospital bed 0 0 Hospital bills 9000 0 Maintenance of pool 0 0 Medical Insurance premium 1200 1200 Physical therapy 0 4000 Reimbursement -9000 0 Wheelchair 0 2300           Total 30930 12860 Less: Amount Restricted to $15000 15000 12860 Qualified medical expense 15930 0 Taxable Income 38000 43000 Less Deduction From Medical Expenses 15000 12860 Taxable Income 23000 30140

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