Asked by Jason Harris on Jun 03, 2024
Verified
During 2017,Remy paid the following expenses: Prescription medicines $640Aspirin, vitamins, and cold medicine 165 Hospital and treatment fees1,050Health insurance premiums 250\begin{array}{lr}\text {Prescription medicines }&\$640\\\text {Aspirin, vitamins, and cold medicine }&165\\\text { Hospital and treatment fees}&1,050\\\text {Health insurance premiums }&250\\\end{array}Prescription medicines Aspirin, vitamins, and cold medicine Hospital and treatment feesHealth insurance premiums $6401651,050250
What is the total amount of medical expenses (before considering the limitation based on adjusted gross income) that would enter into the calculation of itemized deductions on Remy's 2017 income tax return?
A) $2,105.
B) $1,940.
C) $1,885.
D) $0.
Prescription Medicines
Medications that can only be obtained with a doctor's written order and are eligible for certain tax exemptions when used for medical care.
Health Insurance Premiums
The amount paid, often on a monthly basis, for health insurance coverage.
Hospital Fees
Charges levied by hospitals for medical treatments, procedures, room occupancy, and other healthcare services provided to patients.
- Examine the deductibility of healthcare costs, considering the constraints associated with adjusted gross income.
Verified Answer
AR
Austin RatajczykJun 09, 2024
Final Answer :
B
Explanation :
The total amount of medical expenses that can be included in itemized deductions includes prescription medicines ($640), hospital and treatment fees ($1,050), and health insurance premiums ($250), totaling $1,940. Aspirin, vitamins, and cold medicine are not deductible as they are considered general health items, not prescribed by a physician for a specific medical condition.
Learning Objectives
- Examine the deductibility of healthcare costs, considering the constraints associated with adjusted gross income.