In 2023, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax return with AGI of $28,000. During the year they incurred the following expenses: Medical insurance premiums Premiums on an insurance policy that pays $100 per day for each day Margaret is hospitalized Medical care lodging (two people, one night) $1,200 400 Hospital bills Herbal supplements Dentist bills Prescription drugs and medicines Cosmetic surgery 160 2,500 75 250 360 400 In addition, they drove 122 miles for medical transportation, and their insurance company reimbursed them $500 for the above expenses. Using the Medical and Dental Expenses portion Murphy's medical expense deduction. If required, round any amount to the nearest dollar. Enter all amounts as positive numbers. Caution: Do not include expenses reimbursed or paid by others. Medical 1 Medical and dental expenses (see instructions)....... and Dental Expenses 3 Multiply line 2 by 7.5% (0.075)... 3,822 X 2 Enter amount from Form 1040 or 1040-SR, line 11 2 28,000 3 2,100 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0- 1,722 x

In 2023, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax return with AGI of $28,000. During the year they incurred the following expenses: Medical insurance premiums Premiums on an insurance policy that pays $100 per day for each day Margaret is hospitalized Medical care lodging (two people, one night) $1,200 400 Hospital bills Herbal supplements Dentist bills Prescription drugs and medicines Cosmetic surgery 160 2,500 75 250 360 400 In addition, they drove 122 miles for medical transportation, and their insurance company reimbursed them $500 for the above expenses. Using the Medical and Dental Expenses portion Murphy's medical expense deduction. If required, round any amount to the nearest dollar. Enter all amounts as positive numbers. Caution: Do not include expenses reimbursed or paid by others. Medical 1 Medical and dental expenses (see instructions)....... and Dental Expenses 3 Multiply line 2 by 7.5% (0.075)... 3,822 X 2 Enter amount from Form 1040 or 1040-SR, line 11 2 28,000 3 2,100 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0- 1,722 x

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 40P

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