Question

Mark miller, 72, paid the following medical expenses during 2019: Assuming his AGI was $60,000, how much of medical expenses may mark deduct on schedule A?

Hospital and Doctor bills $1900

OTC Medication: $1400

Prescription Drugs: $730

Health Insurance Premiums $6200

Assuming his AGI was $60,000, how much of medical expenses may mark deduct on schedule A?

a. $1770

b. $4330

c. $8830

*Please explain your answer, it be very helpful to me :) *

Answer 1

Particulars	$
Total medical expenses
Hospital & Doctor bills	$      1,900
Prescription drugs	$          730
Health insurance premium	$      6,200
Total eligible medical expenses	$      8,830
7.5% AGI	$      4,500
Expense in excess of 7.5% AGI	$      4,330

Note-

OTC Medication are nonprescribed drugs hence not eligible for Medical expenses deduction under Schedule A.

Medical expenses paid during the year are eligible for deduction upto the amount in excess of 7.5% of AGI.

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