Jon and Holly Are Married and Live in a Retirement

question 42

Essay

Jon and Holly are married and live in a retirement community. This year Jon celebrated his 65th birthday and Holly turned 68 years old. For their ages, both Jon and Holly are in good health. This year the only significant expense that they incurred was an unreimbursed medical expense of$3,200. If Jon and Holly together have AGI of $42,000, what is the amount of their standard deduction this year?

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Definitions:

Discretionary Responsibilities

Tasks or responsibilities assigned to employees that require them to use their judgment and make decisions within their area of authority.

Biodegradable Packaging

This is packaging made from materials that can break down and decompose naturally in the environment, minimizing pollution.

Corporate Social Responsibility (CSR)

A strategy in business that promotes sustainable development through the provision of economic, social, and environmental advantages for every stakeholder involved.

Organic Products

Goods produced through farming practices that avoid the use of synthetic chemicals, antibiotics, and genetically modified organisms (GMOs).