Sammy and Monica, both age 67, incur and pay medical expenses in excess of insurance reimbursements during the year as follows:

For Sammy $16,000

For Monica (spouse) 4,000

For Chuck (son) 2,500

For Carter (Monica's father) 5,000

Sammy and Monica's 2019 AGI is $130,000. They file a joint return. Chuck and Carter are Sammy and Monica's dependents.

What is Sammy and Monica's medical expense deduction for regular income tax purposes?

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Adriel Ryan

27 January, 04:36

Sammy and Monica, both age 67, incur and pay medical expenses in excess of insurance reimbursements during the year as follows:

For Sammy $16,000

For Monica (spouse) 4,000

For Chuck (son) 2,500

For Carter (Monica's father) 5,000

Sammy and Monica's 2019 AGI is $130,000. They file a joint return. Chuck and Carter are Sammy and Monica's dependents.

What is Sammy and Monica's medical expense deduction for regular income tax purposes?

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Answers (1)

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Sloane Carey · Answer 1

The Sammy and Monica's medical expense deduction for regular income tax purposes is $17,750.

Explanation:

For the purpose of regular income tax, the deduction pertaining to medical expenses are available up to the extent it exceeds 10% of AGI.

Deduction available = excess expenses incurred - 7.5% of AGI

= ($16,000 + 4,000 + 2,500 + 5,000) - 7.5%*130000

= 27500 - 9.750

= $17,750

Therefore, The Sammy and Monica's medical expense deduction for regular income tax purposes is $17,750.