Question: 5-40 (Algorithmic) (LO. 2) Ellen spent the last 65 days of 2021 in a nursing home. The cost of the services provided to her was

5-40 (Algorithmic) (LO. 2) Ellen spent the last 65 days of 2021 in a nursing home. The cost of the services provided to her was $22,750 ($350 per day). Medicare paid $6,400 toward the cost of her stay. Ellen also received $14,720 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $400. If the amount is zero, enter 0. What is the effect on Ellen's gross income? The amount of her exclusion is $ and the amount included in her gross income is $ 0

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!