a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.

a. $3925; b. $1430

Explanation:

Your question isn't complete but here's an example relating to the question you asked.

Simpson is a single individual under 65 who is employed full-time by Duff Corporation. This year Simpson reports AGI of $54,200 and has incurred the following medical expenses:

Dentist charges$1,410

Physician's charges$1,890

Optical charges$525

Cost of eyeglasses$465

Hospital charges $2,300

Prescription drugs $385

Over-the-counter drugs$695

Medical insurance premiums (not through an exchange $1005

a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.

To do this, we need to calculate the qualified medical expenses and this will be the addition of all the expenses given in the question except the over the counter drugs. This will be:

Dentist charges $1,410

Physician's charges$1,890

Optical charges $525

Cost of eyeglasses$465

Hospital charges $2,300

Prescription drugs $385

Medical insurance premiums $1005

Total = $7990

Simpson's medical expense deduction will now be:

= $7990 - (7.5% × $54,200)

= $7990 - (0.075 × $54,200)

= $7990 - $4065.

= $3925.

b. Suppose that Simpson was reimbursed for $555 of the physician's charges and $1,940 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson’s itemized deductions after any applicable limitations.

To solve this, we calculate the medical expenses which has already been calculated as $7990 in (a), we then deduct both the reimbursement of ($555 + $1940) = $2495 and the floor limit of $4065. This will be:

= $7999 - $2495 - $4065

= $1430

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