Miki, Who Is Single and 57 Years Old, Has a Qualifying

question 104

Essay

Miki, who is single and 57 years old, has a qualifying high-deductible insurance plan. She had the following transactions with her HSA during the year:
? $$\begin{array} { l r } \text { Contributions to her HSA } & \$ 3,700 \\\text { Interest income earned on her HSA } & 9,739 \\\text { Medical expenses paid from her HSA } & 7,650\end{array}$$
a. How much may Miki claim as a deduction for adjusted gross income?
b. What is the amount that Miki must report on her federal income tax return as income from her HSA?
c. How much is subject to a penalty? What is the penalty percentage?
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Definitions:

Explicit Memory

The type of memory involving conscious recall of factual information, experiences, and concepts.

Declarative Memory

The aspect of human memory that involves the ability to recall factual information, such as names, dates, and concepts.

Consolidation

The process of stabilizing a memory trace after the initial acquisition, making it more durable and long-lasting.

Long-term Memory

The phase of the memory process that involves the storage of information over extended periods, potentially for a lifetime.