please help me, correct my mistake . Exercise 10-15 (Algorithmic) (LO. 2)Barbara incurred the following expenses during 2020: $1,900 dues at a health club she joined at the suggestion of her physician toimprove her general physical condition, $530 for multiple vitamins and antioxidant vitamins, $5,000 for a smoking cessation program,$575 for nonprescription nicotine gum, $2,280 for insulin, and $9,685 for funeral expenses for her mother who passed away in June.Barbara's AGI for 2020 is $35,500.Which of these expenses may be included in computing the medical expense deduction? Select "May be included" or "May not beincluded", whichever is applicable.$1,900 dues at a health club she joined at the suggestion of herMay not be included vа.physician to improve her general physical conditionb.$530 for multiple vitamins and antioxidant vitaminsMay not be included vC.$5,000 for a smoking cessation programMay be included vd.$575 for nonprescription nicotine gumMay not be included V$2,280 for insulinMay be included vе.f.$9,685 for funeral expensesMay not be included vWhat is Barbara's medical expense deduction for 2020?If required, round your computations to the nearest dollar.2,050 x

Certain unreimbursed medical expenses are allowed as deduction by IRS that may include expenses…

Answered: What is Barbara's medical expense…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 15CE

See similar textbooks

Similar questions

LO.2Barbara incurred the following expenses during 2020: $840 dues at a health club she joined at the suggestion of her physician to improve her general physical condition, $240 for multiple vitamins and antioxidant vitamins, $3,500 for a smoking cessation program, $250 for nonprescription nicotine gum, $2,600 for insulin, and $7,200 for funeral expenses for her mother who passed away in June. Barbara’s AGI for 2020 is $54,000. What is Barbara’s medical expense deduction for 2020?
Medical Expense DeductionAdam's AGI for the year 2020 is $100,000. Adam is single and age 58.Adam incurred the following medical expenses:Medical Insurance $ 7,200Hospital & Doctors 14,500Dentists 5,400Rx Drugs 2,200Visit to local Spa(Prescribed by friend to relieve stress) 1,500Vitamins and herbs to maintain good health 600Insurance Reimbursement 8,000Required:Compute Adam's medical expense deduction for 2020.
LO.2 Paul suffers from emphysema and severe allergies and, upon the recommendation of his physician, has a dust elimination system installed in his personal residence. In connection with the system, Paul incurs and pays the following amounts during 2019: In addition, Paul pays 750 for prescribed medicines. The system has an estimated useful life of 20 years. The appraisal was to determine the value of Pauls residence with and without the system. The appraisal states that his residence was worth 350,000 before the system was installed and 356,000 after the installation. Pauls AGI for the year was 50,000. How much of the medical expenses qualify for the medical expense deduction in 2019?
Y8 In January of 2022, Molly contracted a student loan of $10,000 to be repaid over 5 years at a rate of 7%, compounded monthly. Payments are monthly. In addition, she incurred eligible moving expenses of $500, paid tuition of $5,000 and earned gross employment income of $21,300 in 2022. What total tax credit will he receive for education-related expenses? Round to the nearest dollar. Select one: a. $1,024 b. $274 c. $900 d. $847
3.) Required: On January 1, 2024, a foundation made a pledge to pay $20,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. On December 31, 2024, the first payment of $20,000 was received and paid to the researcher. On the books of the Cancer Research Center, record the pledge in January, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate present value annuity factor is 4.3295. Record the increase in the present value as of December 31. Record the receipt of the first $20,000 on December 31 and the payment to the researcher. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.
After an accident Nomfundo was awarded an amount from the Road Accident Fund as compensation for her injuries. She chose to receive R18 900 per month indefinitely. If money is worth 9,95% per year, compounded monthly, then the amount awarded is approximately [1] R7 252 333. [2] R6 565 554. [3] R2 279 397. [4] R189 950. [5] none of the above
During the fiscal year of 2023/24, John received £40 of income tax repayment interest relating to overpaid income tax from 2022/23. John has been employed part-time by Medical Support Ltd since 2013. He received the following remuneration package in 2023/24: · Salary £15,000 per year; · Eye test which would have cost £20, offered to all employees who use computers. · Private medical insurance costing the company £800, and which would have cost John £1,000 had he bought it directly from the insurers; and · From 1 June 2023, use of a van for significant private use with CO2 emissions of 130 g/km. The van had a list price of £10,000 and Medical Support Ltd paid for all John’s private fuel. John received £1,500 of dividends in January 2024 from an ISA. John has also run his own business as a sole trader for many years. Therefore, he has calculated his taxable trading profits for 2023/24 to be £20,600. In arriving at his taxable trading profits, he deducted the following amounts. · £200…
Barbara incurred the following expenses during the year: $840 dues at ahealth club she joined at the suggestion of her physician to improve her generalphysical condition, $240 for multiple vitamins and antioxidant vitamins, $500for a smoking cessation program, $250 for nonprescription nicotine gum, $600 forinsulin, and $7,200 for funeral expenses for her mother who passed away in June.Before considering the AGI limitation, what amount may Barbara include in computingher medical expense deduction?
Max, age 28, is insured under an individual medical expense policy that is part of a preferred provider organization (PPO) network. The policy has a calendar- year deductible of $1,000, 75/25 percent coinsurance, and an annual out-of-pocket limit of $2,000. Max recently had outpatient arthroscopic surgery on his knee, which he injured in a skiing accident. The surgery was performed in an outpatient surgical center. Max incurred the following medical expenses. (Assume that the charges shown are the charges approved by Max s insurer and that all providers are in the PPO network.) Outpatient X-rays and diagnostic tests................................................ $800 Covered charges in the surgical center ................................................ $12,000 Surgeon s fee.............................................................................. $3,000 Outpatient prescription drugs............................................................ $400 Physical…
Gorky-Park Corporation provides postretirement health care benefits to employees who provide at least 12 years of service and reach age 62 while in service. On January 1, 2016, the following plan-related data were available: ($ in millions) Accumulated postretirement benefit obligation $130 Fair value of plan assets none Average remaining service period to retirement 25 years (same in previous 10 yrs.) Average remaining service period to full eligibility 20 years (same in previous 10 yrs.) On January 1, 2016, Gorky-Park amends the plan to provide certain dental benefits in addition to previously provided medical benefits. The actuary determines that the cost of making the amendment retroactive increases the APBO by $20 million. Management chooses to amortize the prior service cost on a straight-line basis. The service cost for 2016 is $34 million. The interest rate is 8%. Required: 1. Calculate the postretirement benefit expense for 2016. 2. Prepare the journal entry to record the…
During 2019, Susan incurred and paid the following expenses for Beth (her daughter), Ed (her father), and herself:Surgery for Beth $4,500Red River Academy charges for Beth: Tuition 5,100Room, board, and other expenses 4,800Psychiatric treatment 5,100Doctor bills for Ed 2,200Prescription drugs for Susan, Beth, and Ed 780Insulin for Ed 540Nonprescription drugs for Susan, Beth, and Ed 570Charges at Heartland Nursing Home for Ed: Medical care 5,000Lodging 2,700Meals 2,650Beth qualifies as Susan’s dependent, and Ed would also qualify except that he receives $7,400 of taxable retirement benefits from his former employer. Beth’s psychiatrist recommended Red River Academy because of its small classes and special-ized psychiatric treatment program that is needed to treat Beth’s illness. Ed, who is a paraplegic and diabetic, entered Heartland in October. Heartland offers the type of care that he requires.Upon the recommendation of a physician, Susan has an air filtration system installed in her…
Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $50,000 and has incurred the following medical expenses: Dentist charges$ 900Physician charges1,800Optical charges500Cost of eyeglasses300Hospital charges2,100Prescription drugs250Over-the-counter drugs450Medical insurance premiums (not through an exchange)775 a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. b. Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

PFIN (with PFIN Online, 1 term (6 months) Printed…

Finance

ISBN:

9781337117005

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

What is Barbara's medical expense deduction for 2020? If required, round your computations to the nearest dollar. 2,050 X