Sammy and Monica, both age 67, incur and pay medical expenses in excess of insurance reimbursements
Sammy and Monica, both age 67, incur and pay medical expenses in excess of insurance reimbursements during the
year as follows.
For Sammy $16,000
For Monica (spouse) 4,000
For Chuck (son) 2,500
For Carter (Monica’s father 5,000
Sammy and Monica’s AGI is $130,000. They file a joint return. Chuck and Carter are Sammy and Monica’s dependents.
a. What is Sammy and Monica’s medical expense deduction for regular income tax purposes?
b. What is Sammy and Monica’s medical expense deduction for AMT purposes?
c. What is the amount of the AMT adjustment for medical expenses?