Question

Jack (age 80) and jill (age 75) file their 2022 federal income taxes jointly, what is the maximum amount they can claim as a medical expense for itemized deductions for their two long-term care policies? question 26 options: a. the actual amount of premiums paid, with no maximum dollar limitation.

a. $4,520.
b. $5,640.
c. $11,280.

Answer 1

The maximum amount Jack and Jill can claim as a medical expense for their long-term care policies is $11,280.

Step-by-step explanation:

To determine the maximum amount that Jack and Jill can claim as a medical expense for itemized deductions, we need to consider the IRS rules for deducting medical expenses. According to the IRS, deductible medical expenses include the premiums paid for long-term care insurance policies.

For the tax year 2022, the maximum amount of premiums that can be claimed as a medical expense for long-term care insurance is based on the taxpayer's age. The IRS provides specific limits depending on the age of the taxpayer.

In the case of Jack (age 80) and Jill (age 75), the maximum amount they can claim as a medical expense for their two long-term care policies is $11,280. This is because the IRS allows a higher maximum limit for individuals age 65 or older.

To summarize, the maximum amount they can claim as a medical expense for itemized deductions for their two long-term care policies is $11,280.