Belinda spent the last 60 days of 2021 in a nursing home. The cost of the services
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Belinda spent the last 60 days of 2021 in a nursing home. The cost of the services provided to her was $18,000 ($300 per day). Medicare paid $8,500 toward the cost of her stay. Belinda also received $7,500 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $400. What is the effect on Belinda’s gross income?
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ANSWER Daily statutory amount 380 60 days 22800 ...View the full answer
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Related Book For
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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