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Kaye Blanchard is 71 years old. She has $47,600 of adjusted gross income and $10,400 of...

Kaye Blanchard is 71 years old. She has $47,600 of adjusted gross income and $10,400 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?

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Answer #1

IRS allows to claim tax deductions of qualified medical expenses that exceeds the 7.5% of Adjusted Gross Income.

Qualified Medical Expenses = $ 10400

Adjusted Gross income = $ 47,600

7.5% of Adjusted Gross Income = $47,600 * 7.5% = $ 3570

Difference between medical expenses paid and 7.5% of adjusted gross income = $10400 - $3570 = $ 6830

So, Kaye will be able to deduct tax deduction of $ 6830.

Please provide feedback by Thums up, if you satisfied. It will be highly appreciated. Thank You

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