Question

Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part-time as a substitute grade school teacher. Determine the amount of Clem's expenses that are deductible for AGI this year.

Clem is self-employed and this year he incurred $615 in expenses for tools and supplies related to his job. Since neither were covered by a qualified health plan, Wanda paid health insurance premiums of $5,790 to provide coverage for herself and Clem (not through an exchange).

Answer 1

$6,405

Step-by-step explanation:

As per question, the following details are given below:-

Incurred expenses for tools and supplies = $615

Health insurance premium = $5,790

Clem is skilled carpenter of tools and supplies $615 qualify for deduction from AGI and Health insurance premium is also qualifies for deduction from AGI.

So the computation of the deductible amount is shown below:-

= Incurred expenses for tools and supplies + Health insurance premium

= $615 + $5,790

= $6,405

Therefore, to calculate the deductible amount we simply add Incurred expenses with health insurance premium.