Gibby spent the last 75 days of 2022 in a nursing home. The cost of the services provided to her was $20,625 ($275 per day). Medicare paid $8,400 toward the cost of her stay. Gibby also received $15,800 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $390. If the amount is zero, enter 0. What is the effect on Gibby's gross income?

Answer rating: 100% (QA)

To calculate the effect on Gibbys gross income we need to determine the taxable portion of the benef... View the full answer