We appreciate your visit to Benton is itemizing deductions on his federal income tax return and had 5 600 in medical expenses last year If his AGI was 55 000. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
Benton can deduct B. $1,475 for medical expenses.
To determine how much Benton can deduct for medical expenses, follow these steps:
- Calculate 7.5% of Benton's Adjusted Gross Income (AGI).
0.075 × $55,000 = $4,125 - Subtract this amount from Benton's total medical expenses to find the deductible amount.
$5,600 - $4,125 = $1,475
Therefore, the correct answer is B. $1,475.
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