Richard, age 35, single, is employed (W2) as an actuary. He will itemize deductions for the...

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Richard, age 35, single, is employed (W2) as an actuary. He will itemize deductions for the tax year. For calendar year 2020, he had AGI of $63.000 and paid the following medical expenses in cash: Medical insurance premiums $5,300 Doctor and dentist bills for Derrick and Jane (Richard's parents) 7.900 Doctor and dentist bills for Richard 5,100 Prescribed medicines for Richard 830 Over the counter arthritis medicine for Richard 960 Derrick and Jane would qualify as Richard's dependents except that they file a joint return. Ricthrd's medical insurance policy does not cover them. Richard filed a claim for $4,800 of his own expenses with his insurance company in November 2020 and will likely receive the reimbursement in 2021. After taking into account any floors or limitations, what is Richard's maximum allowable medical expense deduction for 2020? $14,405 O $20.090 $19,130 Richard, age 35, single, is employed (W2) as an actuary. He will itemize deductions for the tax year. For calendar year 2020, he had AGI of $63.000 and paid the following medical expenses in cash: Medical insurance premiums $5,300 Doctor and dentist bills for Derrick and Jane (Richard's parents) 7.900 Doctor and dentist bills for Richard 5,100 Prescribed medicines for Richard 830 Over the counter arthritis medicine for Richard 960 Derrick and Jane would qualify as Richard's dependents except that they file a joint return. Ricthrd's medical insurance policy does not cover them. Richard filed a claim for $4,800 of his own expenses with his insurance company in November 2020 and will likely receive the reimbursement in 2021. After taking into account any floors or limitations, what is Richard's maximum allowable medical expense deduction for 2020? $14,405 O $20.090 $19,130

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Amount Medical insurance premium 5300 Doctor Dentist bill for paren... View the full answer