Roland had $10,500 in medical expenses last year and has no medical insurance.The IRS allows medical expense deductions for the amount that exceeds 7.5% of a taxpayer's adjusted gross income.If Roland's adjusted gross income is $31,000,how much can he claim as a medical deduction?

Question

Quizplus · Accepted Answer

To calculate the medical expense deduction, we first need to calculate 7.5% of Roland's adjusted gross income:

7.5% of $31,000 = $2,325

Next, we need to determine how much of Roland's medical expenses exceed this amount:

$10,500 - $2,325 = $8,175

Therefore, Roland can claim $8,175 as a medical expense deduction on his tax return.

Roland Had $10,500 in Medical Expenses Last Year and Has