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Reggie who is 55, had adjusted gross income of $32,000 in 2020. During the year, he paid for the following medical expenses:
Drugs ( prescribed by physicians) $500
Marijuana ( prescribed by physicians) $1,400
Health insurance premiums -after taxes $850
Doctors' fees $1,250
Eyeglasses $ 375
Over the counter drugs $200
Reggie received $500 in 2020 for a portion of the doctors' fees from his insurance. What is Reggies medical expense deduction?
How would you set this problem up? What is deductible in the year of 2020.

Sagot :

abiolataiwo2015

Assuming Reggie who is 55, had an adjusted gross income of $32,000 in 2020, Reggies medical expense deduction will be $75

Calculation to determine Reggie medical expense deduction

Drugs  $500

Add Health insurance premium-after tax $850

Add Doctors fees $1,250

Add Eye glasses $375

Total expenses  $2,975

($500+$850+$1,250+$375)

Less Insurance reimbursement  ($500)

Less 7.5% of Adjusted gross income ($2,400)  

($32,000×7.5%)

Medical Expense Deduction  $75

($2,975 - $500 - $2,400)

Inconclusion assuming Reggie who is 55, had an adjusted gross income of $32,000 in 2020, Reggies medical expense deduction will be $75

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https://brainly.com/question/17136095

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