Question

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?

Answer 1

Answer: $7,100

Step-by-step 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