I need help with these questions. Can you all explain with explanations? ...

50.1K

Verified Solution

Question

Accounting

I need help with these questions. Can you all explain with explanations?
image
QUESTION 12 Frank and Sally, aged 46, are married and together have AGI of $80,000 in 2019. They have four dependents and file a joint retum. They pay $4,100 for a high deductible health insurance policy and contribute $3,700 to a qualified Health Savings Account. During the year, they paid the following amounts for medical care: $8,200 in doctor and dentist bills and hospital expenses, and $2,000 for nonprescription medicine and drugs. In November 2019, they received an insurance reimbursement of $4,300 for the hospitalization. Frank spent $600 on liposuction. They expect to receive an additional reimbursement of $1,300 in February 2020. Determine the maximum deduction allowable for medical expenses in 2019. CA $1,600. 8. SO C. 5,200 D.S4.2002 E. None of the above QUESTION 13 During 2019, Vino, a self-employed individual, puid the following amounts Ileal estate tax on Texas home Se income tax Home Mortgage interest Almond Gix paid on gift to dager Contribution to Health Savings Account Charitable contribution Se sales Stale occupational license fee Property tax on Vale of low 100% for business) $3,100 1.600 2.000 1.000 1.400 1.300 500 1,950 700 500 What is the maumum amount Vince can claim as an in umiring deductions for AGILY

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students