Question

Alexis, a single taxpayer, age 28, files a return for 2019. Information for the year includes the following:

AGI of $100,000

-Paid $1,000 to a Qualified Charitable Organization - local high school, to attend a fund raising dinner. The value of the dinner was $100.

-Made a donation to her church of $5,000

-Medical insurance of $11,000 (Alexis was NOT covered by a plan at work).

-Dentist bills $4,000

Her itemized deductions are how much: (NOTE: do not include a dollar sign, comma or period in your answer.)

Answer:

Answer 1

medical insurance =11,000

dentist = 4000

total medical exp=15,000

ajdustted total [email protected]%=100,000*7.5%=7500

net medical expense allowed as deduction =15,000-7500

donation paid =1000

donation to chursh=5000

maximum deduction of cash donation alloweed =100,000*60%=60,000

total deduction =7500+6000=13,500

This deduction is perhaps the most difficult—and financially painful—to qualify for. Taxpayers who incur qualified out-of-pocket medical and/or dental expenses that are not covered by insurance can deduct expenses that exceed 7.5% of their adjusted gross incomes.

Any donation made to a qualified charity is deductible within certain limitations. For cash contributions between 2018 and 2025, the amount that can be deducted is limited to no more than 60% of the taxpayer’s adjusted gross income.

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