Caleb's medical expenses before reimbursement for the year include the following: Caleb's AGI for the year is $50,000.He is single and age 58.Caleb also receives a reimbursement for medical expenses of $1,000.Caleb's deductible medical expenses that will be added to the other itemized deduction will be

Question

Caleb's medical expenses before reimbursement for the year include the following:  Caleb's AGI for the year is $50,000.He is single and age 58.Caleb also receives a reimbursement for medical expenses of $1,000.Caleb's deductible medical expenses that will be added to the other itemized deduction will be

Quizplus · Accepted Answer

Caleb's deductible medical expenses will be $9,100. This amount is calculated as 7.5% of his AGI ($3,750) plus the amount of unreimbursed expenses ($7,350). Since Caleb received a reimbursement of $1,000, it must be subtracted from the unreimbursed expenses to determine the deductible amount ($8,350 - $1,000 = $7,350). Therefore, Caleb's total deductible medical expenses will be $9,100 ($3,750 + $7,350).

Caleb's Medical Expenses Before Reimbursement for the Year Include the Following