Randal Ice is 57 years old,and has adjusted gross income of $32,000.He has medical expenses for the year ending 2016 of $6,000.How much of these expenses can he include as an itemized deduction?

Question

Quizplus · Accepted Answer

Using the revised rate of 10% (until December 31, 2016 for those under 65 years old), Randal's medical expenses add up to $3,200 ($32,000 x 10%). Since his actual expenses are $6,000, he can only include the amount that exceeds 10% of his adjusted gross income. Therefore, his itemized deduction for medical expenses is $2,800 ($6,000 - $3,200).

Randal Ice Is 57 Years Old,and Has Adjusted Gross Income