Reggie, who is 55, had AGI of $21,600 in 2016. During the year, he paid the following medical expenses: Dr

Reggie, who is 55, had AGI of $21,600 in 2016. During the year, he paid the following medical expenses: Drugs (prescribed by physicians) $ 225 Marijuana (prescribed by physicians) 1,425 Health insurance premiums–after taxes 875 Doctors’ fees 1,275 Eyeglasses 400 Over-the-counter drugs 225 Reggie received $525 in 2016 for a portion of the doctors’ fees from his insurance. What is Reggie’s medical expense deduction?

Medical expense deduction = ?

Expert Answer

 

Medical expense deduction: IRS allows to deduct qualified medical expenses that exceed 10% of your adjusted gross income for the year
Particulars Amount Remarks
AGI (A) 21,600.00
Allowable medical expenses
Drugs (prescribed by physician) 225.00
Marijuana (prescribed) 1,425.00
Insurance premiums 875.00
Doctors fees 1,275.00
Eyeglasses 400.00
Over the counter drugs 0.00 Disallowed since not prescribed
Insurance received -525.00 Disallowed since reimbursement
Allowable medical expenses(B) 3,675.00
10% of AGI© 2,160.00
Medical expense deduction 1,515.00 (B-C)
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