contestada

Mr. and Mrs. Davenport of age 40 and 38 respectively, have three children aged 3, 6, and 13. Their financial matters for 2014 are as follows:Adjusted gross income (AGI) - $65,000Unreimbursed medical expenses - $6,750How much would the Davenports' medical expenses contribute to their total itemized deductions?

Respuesta :

jepessoa

Answer:

$250

Explanation:

Currently for the 2019 (due 2020), you can deduct medical expenses that exceed 7.5% of your AGI, but back then in 2014, the threshold was 10%, not 7.5%.

So the Davenports can only deduct $6,750 - ($65,000 x 10%) = $250 if they decided to itemize their deductions.

The threshold will increase back to 10% starting 2020 (due 2021) tax returns.

Otras preguntas