Question: answer with the steps please ??? In 2022, Carol, a single taxpayer with no dependents, was severely hurt in a farm accident. Carol is 38

answer with the steps please
answer with the steps please ??? In 2022, Carol, a single taxpayer
with no dependents, was severely hurt in a farm accident. Carol is
38 years old. The accident left Carol's legs 85% paralyzed. Vow additional
information on expenses paid. Carol has no other itemized deductions in either
year. View the standard deduction schedule. Read the requirements. Requirement a. What
???

In 2022, Carol, a single taxpayer with no dependents, was severely hurt in a farm accident. Carol is 38 years old. The accident left Carol's legs 85% paralyzed. Vow additional information on expenses paid. Carol has no other itemized deductions in either year. View the standard deduction schedule. Read the requirements. Requirement a. What is Carol's taxable income for 2022 ? Additional Information After incurring $17,000 of medical expenses at the hospital, the doctor recommended that Carol install a pool at her home for therapy. The pool cost $27,000 to install and increased the value of her home by $25,000. She spent $970 maintaining the pool in 2022 and $1,070 in 2023 . Carol also purchased a wheelchair on December 28,2022 , for $2,600, which she charged to her credit card. She paid her credit card bill on January 6,2023 . She also purchased a hospital bed for $4,500 but did not pay for the bed until 2023. Carol paid her physical therapist $4,400 for services performed in 2023. Carol paid $800 in medical insurance premiums on an after-tax basis in both 2022 and 2023. In 2023, the insurance company reimbursed Carol $10,100 for her hospital stay in 2022. Her AGI for 2022 and 2023 is $39,000 and $44,000, respectively, not considering any of the above items. Requirements a. What is Carol's taxable income for 2022? b. What is Carol's medical expense deduction for 2023 ? How does she treat the reimbursement? Schedule of Standard Deductions Irt in a farm accident. Carol is 38 (If an input field is not used in In 2022, Carol, a single taxpayer with no dependents, was severely hurt in a farm accident. Carol is 38 years old. The accident left Carol's legs 85% paralyzed. Vow additional information on expenses paid. Carol has no other itemized deductions in either year. View the standard deduction schedule. Read the requirements. Requirement a. What is Carol's taxable income for 2022 ? Additional Information After incurring $17,000 of medical expenses at the hospital, the doctor recommended that Carol install a pool at her home for therapy. The pool cost $27,000 to install and increased the value of her home by $25,000. She spent $970 maintaining the pool in 2022 and $1,070 in 2023 . Carol also purchased a wheelchair on December 28,2022 , for $2,600, which she charged to her credit card. She paid her credit card bill on January 6,2023 . She also purchased a hospital bed for $4,500 but did not pay for the bed until 2023. Carol paid her physical therapist $4,400 for services performed in 2023. Carol paid $800 in medical insurance premiums on an after-tax basis in both 2022 and 2023. In 2023, the insurance company reimbursed Carol $10,100 for her hospital stay in 2022. Her AGI for 2022 and 2023 is $39,000 and $44,000, respectively, not considering any of the above items. Requirements a. What is Carol's taxable income for 2022? b. What is Carol's medical expense deduction for 2023 ? How does she treat the reimbursement? Schedule of Standard Deductions Irt in a farm accident. Carol is 38 (If an input field is not used in

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!