Force Completion This text can be saved and resumed at any point until time has

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Force Completion This text can be saved and resumed at any point until time has expired. The timer will continue to run if you leave the test. Moving to another question will save response. Larry and Beth are married and together have AGI of dollar 80,000 in 2015 (both are employees). They have two dependents and file a joint return. They pay dollar 3,000 for a high deductible health insurance policy and they contribute dollar 2,400 to a qualified Health Savings Account. During the year, they paid the following amount for medical care dollar 7,500 in physician and dentist bills and hospital expenses, and dollar 1,700 for prescribed medicine and drugs. In Number 2015, they received an insurance reimbursement of dollar 2,100 for hospitalization. They expect to receive an additional reimbursement of dollar 1,000 in January 2016. Determine the maximum deduction allowable for medical expenses in 2015 (after limitation) dollar 2,100. Dollar 6,100 dollar 7,100 dollar 10,100 dollar 12,200. Moving to another question will save this response

Explanation / Answer

Answer: a $2100

Physician bills, dentist bills and hospital exp 7500 Less: Reimbursement 2100 Unreimbursed expenses 5400 Health insurance premiums 3000 Prescribed medicines and drugs 1700 Total medical expenses 10100 Less: 10% of $80000 (AGI) 8000 Deductible medical expense 2100

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