Question 14 3 pts Linny and Lavere are married, ages 35 and 34, and together...

70.2K

Verified Solution

Question

Accounting

image
image
Question 14 3 pts Linny and Lavere are married, ages 35 and 34, and together have $120,000 of AGI in 2019. They have four dependents and file a joint return. For a high deductibel health insurance policy, they pay $5,000, and they contribute $2,600 to a qualified Health Savings Account. In 2019, they paid hospital and doctor bills of $9,200 and prescribed medicine costs of $3,000. In November 2019, their insurance company sends them a reimbursement check for $4,400 for hospitalization. In January of 2020, they expect to receive an additional reimbursement of $1,000. What is their allowable maximum itemized deduction for medical expenses in 2019? $800 O $9,200 O None of these O $12,800 O $3,800 Question 15 3 pts Karen, age 70, developed problems with her hips and was unable to climb the stairs to reach her second-floor bedroom. Her doctor advised her to add a first-floor bedroom to her home. The room construction cost $32,000 and resulted in an value increase to the residence of $17,000. In addition, Karen paid the builder $5,500 to for an entrance ramp to her house and $8,500 to widen the hallways to accommodate her wheelchair. Karen has 2019 AGI of $75,000. Karen can deduct how much of these expenditures as medical expenses in 2019? None of these O $21,500 O $29,000 O $14.000 O $15,000

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