Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2021, Evan has $200 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2022 when he files his tax return. Evan also receives a 2021 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses. Compute the effect of the HSA transactions on Evan's adjusted gross income. These transactions $fill in the blank 1 Evan's AGI by $fill in the blank 2 2.
1. Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2021, Evan has $200 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2022 when he files his tax return. Evan also receives a 2021 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses.
Compute the effect of the HSA transactions on Evan's adjusted gross income.
These transactions $fill in the blank 1 Evan's AGI by $fill in the blank 2
2.
Serena is a 38-year-old single taxpayer. She operates a small business on the side as a sole proprietor. Her 2021 Schedule C reports net profits of $15,000. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,800 in 2021. Serena also pays long-term care insurance premiums of $600 in 2021.
Calculate Serena's self-employed health care deduction.
$fill in the blank 1
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