Medical expenses: $12,000, not including medical insurance. Their medical expenses are remarkably low. Medical insurance: They...

Medical expenses: $12,000, not including medical insurance. Their medical expenses are remarkably low.

Medical insurance: They have a high deductible plan. The insurance premiums are $6,000 annually

Is there any way that they can get any type of tax benefit for medical/insurance expenses? Explain.

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Expert Solution

In the present case, Medical expense of $12,000 is without Medical Insurance of $6000 p.a. Also, it is been specified that medical expenses are remarkably low. Accordingly, if medical insurance can be clubbed with the medical expenses then it would be $18000 which can be termed as Expenses for Medical Facilities. Also, if such expenses are excess of 7.5% of the total adjustable income then only such excess of 7.5% can be claimed as tax benefits.

ekkarill92 answered 1 year ago

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