Question

In: Accounting

Marilyn, age 38, is employed as an architect. For calendar year 2018, she had AGI of...

Marilyn, age 38, is employed as an architect. For calendar year 2018, she had AGI of $204,000 and paid the following medical expenses:

Medical insurance premiums                                           $ 7,800

Doctor bills for Peter and Esther (Marilyn’s parents)           7,300

Doctor and dentist bills for Marilyn                                   11,100

Prescription medicines for Marilyn                                          750

Nonprescription insulin for Marilyn                                         950

Peter and Esther would qualify as Marilyn’s dependents except that they file a joint return. Marilyn’s medical insurance policy does not cover them. Marilyn filed a claim for reimbursement of $6,000 of her own expenses with her insurance company in December 2018 and received the reimbursement in January 2019. What is Marilyn’s maximum allowable medical expense deduction for 2018?

Solutions

Expert Solution


Related Solutions

For calendar year 2018, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000....
For calendar year 2018, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) $48,600 Home mortgage interest (loan qualifies as acquisition indebtedness) 19,000 Credit card interest 800 Property taxes on home 16,300 Charitable contributions 28,700 State income tax 18,000 Tax return preparation fees 1,200 Round...
-Kathy is 60 years of age and self-employed. During 2018 she reported $100,000 of revenues and...
-Kathy is 60 years of age and self-employed. During 2018 she reported $100,000 of revenues and $40,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number) A) $11,152. B) $17,152. C) $12,000 D) $55,000. -Kathy is 60 years of age and self-employed. During 2018 she reported...
Kathy is 48 years of age and self-employed. During 2018 she reported $110,000 of revenues and...
Kathy is 48 years of age and self-employed. During 2018 she reported $110,000 of revenues and $44,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number) Multiple Choice $12,267. $17,157. $61,500. $55,000.
Reggie, who is 55, had AGI of $23,200 in 2018. During the year, he paid the...
Reggie, who is 55, had AGI of $23,200 in 2018. During the year, he paid the following medical expenses. Drug (prescribed by physicians) $245 Marijuana  (prescribed by physician) $1.445 Health Insurance premiums-after taxes $1,090 Doctors fee $1,295 Eyeglasses $420 Over-the counter drugs $245 Reggie received $545 in 2018 for a portion of the doctors’ fees from his insurance. What is Reggie’s medical expense deduction? Medical deduction expense : _________________________
Ramon had AGI of $180,000 in 2018. He is considering making a charitable contribution this year...
Ramon had AGI of $180,000 in 2018. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. a. A cash gift of $95,000. In the current year, Ramon may deduct $ 95,000 since his charitable contribution is limited to $ _________ c. A gift of a...
Ramon had AGI of $154,000 in 2018. He is considering making a charitable contribution this year...
Ramon had AGI of $154,000 in 2018. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. a. A cash gift of $77,000. In the current year, Ramon may deduct $ 77,000 since his charitable contribution is limited to $ ___ A charitable contribution is defined...
Ramon had AGI of $180,000 in 2018. He is considering making a charitable contribution this year...
Ramon had AGI of $180,000 in 2018. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. d. Ramon has decided to make a cash gift to the American Heart Association of $113,000. However, he is considering delaying his gift until next year when his AGI...
Seamus is employed as a corporate attorney. In 2019 he had AGI of $57,000 and paid...
Seamus is employed as a corporate attorney. In 2019 he had AGI of $57,000 and paid the following medical expenses. Medical insurance premiums (withheld on a pretax basis) $4,700 Doctor and dentist bills for Dave and Elaine (Seamus’ parents) $6,800 Doctor and dentist bills for Seamus. $5,200 Prescription medicines for Seamus $400 Weight loss treatment related to obesity $600 Nonprescription insulin for Seamus $850 Low Dose Aspirin prescribed by Seamus’ doctor bought over the counter $225 Dave and Elaine would...
5. Seamus is employed as a corporate attorney. In 2019 he had AGI of $57,000 and...
5. Seamus is employed as a corporate attorney. In 2019 he had AGI of $57,000 and paid the following medical expenses. Medical insurance premiums (withheld on a pretax basis) $4,700 Doctor and dentist bills for Dave and Elaine (Seamus’ parents) $6,800 Doctor and dentist bills for Seamus $5,200 Prescription medicines for Seamus $ 400 Weight loss treatment related to obesity $ 600 Nonprescription insulin for Seamus $ 850 Low Dose Aspirin prescribed by Seamus’ doctor bought over the counter $...
Liz had an AGI of $130,000 in 2020. She donated Corporation Stock with a basis of...
Liz had an AGI of $130,000 in 2020. She donated Corporation Stock with a basis of $10,000 to a qualified charitable organization on July 5, 2020. A. What is the amount of Liz's deduction assuming that she purchased the stock on December 3, 2019, and the stock had a fair market value of $17,000 when she made the donation? B. Assume the same facts as in part (A) except that Liz purchased the stock on July 1, 2017. C. Assume...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT