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Benton is itemizing deductions on his federal income tax return and had $5600 in medical expenses last year. If his AGI was $55000 and if medical expenses are deductible to the extent that they exceed 7.5% of a taxpayer’s AGI, how much can Benton deduct for medical expenses?

Respuesta :

$1475 apex answer ...............................................

The answer is $1475.

Explanation:

The AGI is = $55,000

Medical expenses amount = $5600

If medical expenses are deductible to the extent that they exceed 7.5% or 0.075 of a taxpayer’s AGI, means [tex]55000\times0.075=4125[/tex]

Now the deductible amount is [tex]5600-4125=1475[/tex]

Hence, Benton can deduct $1475 for medical expenses.

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