Mr and Mrs

question 1644

Multiple Choice

Mr. and Mrs. Thibodeaux (both age 35) , who are filing a joint return, have adjusted gross income of $100,000 in 2018. During the tax year, they paid the following medical expenses for themselves and for Mrs. Thibodeaux's mother, Mrs. Watson (age 63) . Mrs. Watson provided over one- half of her own support. Mr. and Mrs. Thibodeaux received no reimbursement for the above expenditures. What is the amount of their deductible itemized medical expenses?

• A) $2,000
• B) $9,400
• C) $4,100
• D) $1,900

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Definitions:

Investments

Assets purchased with the goal of generating income or appreciating in value over time.

Accounting Changes

Accounting Changes are modifications in the accounting methods, estimates, or reporting entity that affect the financial statements of a company.

Net Income

The total earnings of a company after subtracting all expenses from revenues, also known as net earnings or net profit.