LO.2 For calendar year 2020, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2020. How much of these premiums may Jean deduct as a deduction for AGI? How much may she deduct as an itemized deduction (subject to the AGI floor)?
LO.2 For calendar year 2020, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2020. How much of these premiums may Jean deduct as a deduction for AGI? How much may she deduct as an itemized deduction (subject to the AGI floor)?
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 25P: LO.2 For calendar year 2019, Jean was a self-employed consultant with no employees. She had 80,000...
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Transcribed Image Text:.LO.2 For calendar year 2020, Jean was a self-employed consultant with no employees. She had
$80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy
covering 2020. How much of these premiums may Jean deduct as a deduction for AGI? How much
may she deduct as an itemized deduction (subject to the AGI floor)?
I=.
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