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 (if any) under the following independent circumstances: (Leave no answer blank. Enter zero if applicable.) a. Clem is self-employed and this year he incurred $810 in expenses for tools and supplies related to his job. In addition, since neither Clem nor his wife were covered by a qualified health plan through his wife's job, Clem paid health insurance premiums of $5,100 to provide coverage for himself (not through an exchange).

Answer 1

$5910

Step-by-step explanation:

The AGI is used to calculate how much of gross income that can be taxed. This income is calculated from the gross income and it is Adjusted gross income in full.

Under the AGI, expenses incurred for brooks and supplies and health insurance premiums are deductible.

We have $810 expenses for tools + 5100 for health premium

= $5910 deductibles under AGI.