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Victoria, age 62, calculated last year's gross income to be $60,000. When she totaled up the cost of individual Medical and Long-term Care insurance, as well as her various out-of-pocket medical costs, she discovered the total was $7,500, which meant she could deduct _______ from her taxable income.

Respuesta :

jepessoa

Answer:

$1,500

Explanation:

During 2019, the IRS allows individuals to deduct qualified medical expenses that exceed 7.5% of their adjusted gross income if they were born before 1951, and 10% if they were born after.

In Victoria's case since she was born in 1957, the 10% rule applies. Her gross income is $60,000 x 10% = $6,000

So any qualified expense over $6,000 can be deducted = $7,500 - $6,000 = $1,500

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