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5 May, 12:40

Kaye Blanchard is 75 years old. She has $52,000 of adjusted gross income and $11,000 of qualified medical expenses. She will be itemizing her tax deductions this year. How much of a tax deduction will Kaye be able to deduct?

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  1. 5 May, 13:06
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    Answer: $7,100

    Explanation:

    Given that,

    Adjusted gross income = $52,000

    Qualified medical expenses = $11,000

    IRS allows to claim tax deductions of qualified medical expenses that exceeds the 7.5% of Adjusted Gross Income.

    Therefore,

    7.5% of Adjusted gross income = 7.5% * $52,000

    = $3,900

    Tax deduction will Kaye be able to deduct:

    = Qualified medical expenses - 7.5% of Adjusted gross income

    = $11,000 - $3,900

    = $7,100
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Home » Business » Kaye Blanchard is 75 years old. She has $52,000 of adjusted gross income and $11,000 of qualified medical expenses. She will be itemizing her tax deductions this year. How much of a tax deduction will Kaye be able to deduct?
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