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Ethan is itemizing deductions on his federal income tax return and had $4200 in medical expenses last year. If his AGI was $39,000, and if medical expenses are deductible to the extent that they exceed 7.5% of a taxpayer's AGI, how much can Ethan deduct for medical expenses?

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Ethan can deduct $1275 for medical expenses, as 7.5% of his AGI is $2925 (so from subtracting this amount from the total of his medical expenses $4200, and the result is the deductible excess = $1275).

Answer:

The answer is $1275

Step-by-step explanation:

First we will find 7.5% of Ethan's income we will multiply 39000 by 0.075

[tex]39000\times0.075[/tex] = $2925

His total medical expense = $4200

We will subtract $2925 from this total medical expenses to know the deductible.

[tex]4200-2925[/tex] = $1275

Hence, Ethan's deductible will be $1275.

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